Economy
July Inflation in Bangladesh Eases to 9.69%
In July 2023, the general point-to-point inflation rate in Bangladesh exhibited a slight decline, decreasing by 0.05 percentage points to 9.69 percent, as revealed by the latest data from the Bangladesh Bureau of Statistics (BBS). This marks a continuation of the downward trend observed in June 2023, when the general point-to-point inflation rate stood at 9.74 percent.
This recent data reflects the second consecutive month in which the consumer price index (CPI) has seen a reduction, following a peak in May 2023 when inflation escalated to 9.94 percent.
Despite a marginal uptick in food inflation last month, the overall non-food inflation rate saw a decrease. According to BBS statistics, food inflation rose to 9.76 percent in July 2023 from 9.73 percent the previous month. On the other hand, non-food inflation demonstrated a slight decline, reaching 9.47 percent in July compared to 9.60 percent in June 2023.
Both urban and rural regions experienced a decline in the general point-to-point inflation rate last month. In rural areas, the point-to-point inflation rate for July was recorded at 9.75 percent, down from 9.82 percent in June. Similarly, in urban areas, the inflation rate dipped to 9.43 percent in July from 9.45 percent in June.
The wage rate index witnessed an upward trajectory in July, with an increase to 7.52 percent, up from 7.39 percent in June. This data underscores the evolving dynamics of inflation and economic indicators within the country.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
