Inflation hits eight-year high
The Bangladesh Bureau of Statistics has reported a rise in general and food inflation in May.
The BBS said general and food inflation rates were 7.42 per cent and 8.3 per cent respectively, the highest in the last eight years, last month.
In May 2014, the general and food inflation rates were reported as 7.48 per cent and 9.09 per cent, respectively. The general inflation rate was 4.87 per cent in May last year, reports bdnews24.com.
Bangladeshis living in the countryside had to endure the most intense heat of the inflation in May, as general inflation in rural areas rose to 7.94 per cent and food inflation went up to 8.84 per cent, according to the latest data from the national statistical agency.
The general and food inflation rates in the city areas are 6.49 per cent and 7.08 per cent, respectively.
Prices of food and other commodities have been rising on the global market for the last four months as the Ukraine-Russia war hit hard the global economy, which was still recovering from the pandemic-era sluggishness.
Bangladesh has been no exception and food prices soared in April when the country observed Ramadan. Prices of soybean oil, vegetables, fruits and many other products increased during the month.
Little solace can be found from general non-food inflation data, as it decreased to 6.08 per cent from 6.39 per cent in April. In rural areas, the rate was 6.26 per cent while in cities, it was 5.85 per cent.