General point to point inflation slightly eases to 7.48% in July

Publish: 12:40 AM, August 5, 2022 | Update: 12:51:AM, August 5, 2022

The general point-to-point inflation rate in the
country slightly eased to 7.48 percentage point in July down from 7.56
percentage point in June due to the declining trend of food inflation.

“The general point to point inflation rate in July slightly eased to 7.48
percentage point in the first month (July) of the current fiscal year (FY23)
despite this global volatile situation,” said Planning Minister MA Mannan
while addressing a press conference at his office today.

The Planning Minister also noted that this slight decrease in inflation rate
in July is “important” under the current global crisis.

He said that hopefully the inflation rate in August would further decline
adding, “I’m not a person who can foresee the future, but I’m witnessing a
sign of declining trend of inflation,”

Mannan informed that the general point to point inflation rate has slightly
decreased by 0.8 percentage point in July, but it was 2.12 percent higher
than July last year when the general point to point inflation rate was 5.36
percent.

The government has set a target of containing inflation at 5.6 percent in the
current fiscal year (FY23).

According to data from the Bangladesh Bureau of Statistics (BBS), the point
to point food inflation rate came down at 8.19 percent in July which was 8.37
percent in June. Meanwhile, the point to point non-food inflation slightly
increased to 6.39 percent in July which was 6.33 percent in June.

The BBS date showed that the point to point inflation in the rural areas was
a bit higher with 8.02 percent which was 6.51 percent in the urban areas.

Referring to the declining trend of inflation, the Planning Minister said
this indicates that the economy of Bangladesh is not going to be like Sri
Lanka.

“The important point of economic situation is inflation and it reflects
almost whole of the economy,” he added.

The Planning Minister said despite the war, vessels carrying food-grains have
left the port of Ukraine and the country would eventually get those.

He said the price of food items has declined in international market and it
would also benefit the countrymen.

Mannan also cited that the main reason for declining trend of inflation is
the price fall of food products in international market.

He mentioned that the price of soybean oil is declining in international
market while the price of rice is also falling.