Planning minister blames global price hikes for soaring inflation
Inflation soared in August and September due to a global economic downturn and high prices in the international market, said Planning Minister MA Mannan.
Citing official data, he said August's inflation rate was 9.52% and September's 9.10%.
Inflation will, however, continue to decrease further, he stated.
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"Due to the overall situation, inflation is increasing in the country. The prices of all products have increased in the international market. But now inflation is on the decline. It will decrease further," he said while disclosing Bangladesh Bureau of Statistics (BBS) report on inflation of the past two months.
Planning Minister MA Mannan disclosed the numbers to media citing BBS after an Executive Committee of the National Economic Council (Ecnec) meeting Tuesday (11 October).
Earlier on 5 October, State Minister for Planning Shamsul Alam told The Business Standard about the escalation of around 9.5% in inflation rate in the month of August.
According to BBS data, with the 1995-96 base year, general inflation jumped to 11.97% in September 2011. Subsequently, the base year was updated to 2005-06 as 11.97% was the highest in the past 20 years.
Earlier, the Finance Division, in a report, projected that inflation might surpass 9% if the subsidies on fuel and gas are withdrawn. The division also assumed that the effects might take at least 12 months to reach a tolerable level
