The BBS report titled “Consumer Price Index, Inflation Rate and Wage Rate Index” is now waiting to be presented at the meeting of the Executive Committee of the National Economic Council today
Although prices of almost all essential commodities in kitchen markets are going through a rising trend, Bangladesh Bureau of Statistics (BBS) has said inflation has dropped on the back of a fall in rice prices alone.
In its latest report, the government agency said inflation eased in October to stand at 5.47 percent, a drop of 0.07 percentage points from the rate in September.
The BBS report titled "Consumer Price Index, Inflation Rate and Wage Rate Index" is now waiting to be presented at the meeting of the Executive Committee of the National Economic Council today.
In the last one year, prices of onion, garlic and other spices increased two to three folds, according to the Trading Corporation of Bangladesh (TCB). Consumers also faced a substantial hike in the price of pulses, chicken, beef, powder milk and some other commodities.
The TCB said prices of rice depending on quality fell by eight to 20 percent in the last one year.
"Despite the rise in prices of all other commodities, overall inflation is under control as rice prices have fallen," said an official of the BBS, wishing anonymity.
He told The Business Standard that nearly half the family expenditure is done for food in Bangladesh, while the lion's share of the allocation is utilised to buy rice.
As a result, decrease in rice prices may have eased inflation even though prices of other commodities have seen a rise, he added.
The BBS calculates Consumer Price Index every month to find the rate of inflation which implies the degree of average increase in the cost of living standard over the last one year.
The October inflation rate (5.47 percent) indicates that a commodity will now cost Tk105.47 which was Tk100 last year, and one will have to buy a lower volume of the commodity if one's income remains static.