Govt moves to reform CPI, GDP calculation methods: Zonayed Saki

The government is set to reform the methods used to calculate the Consumer Price Index (CPI) and gross domestic product (GDP) to make official data more accurate for development planning, State Minister for Planning Md Zonayed Abdur Rahim Saki said today (20 June).

"A technical committee of experts will be formed for this purpose," he said after a discussion on CPI, inflation, wage rate index and GDP calculation at the Bangladesh Bureau of Statistics (BBS) building in Agargaon.

Saki said GDP calculation is an important national indicator as it helps assess the country's economic condition, adding that the method should be made more accurate, modern and realistic.

"CPI and GDP calculations are not just statistics. They are among the key bases for economic policymaking. Any error or inconsistency here can affect the entire planning process," he said.

Saki said the government has discussed the matter with research organisations, university teachers, business bodies and other stakeholders.

Their opinions will be used in the reform process to make official data more realistic and useful, he added.

The state minister said it is important to know the real picture of the current situation to implement the government's commitments.

For this, past data is being reviewed, he said, adding that data will be closely examined where there are concerns over distortion or manipulation.

"We have seen that in many cases, the data presented was not consistent with reality. This has created a crisis of public trust. It is important to present accurate information to the people to restore that trust," he said.

Saki said emphasis has also been placed on strengthening the capacity of institutions involved in statistics and data management.

He said the government wants to improve data collection and analysis methods in line with international standards.

The meeting also discussed the method used to prepare the CPI, which is used to measure inflation.

Saki said the government plans to follow internationally recognised methods to make the index more modern and realistic.

The state minister said opinions collected at the meeting will be brought together to prepare a coordinated framework.

The technical committee will review the CPI and GDP calculation methods in detail and make recommendations.

After receiving the committee's proposal, the government will hold further discussions with stakeholders before taking a final decision.

Saki said data collection and analysis methods will be improved gradually to ensure more accurate and timely information in the future.

The government's goal is to publish more accurate and reliable monthly data on inflation, he added.