Overall inflation is under control despite a huge hike in onion price, says the planning minister
The point-to-point inflation rate has declined by 0.07 percentage point, to 5.49 per cent in October, compared to the previous month.
The inflation rate was 5.54 per cent in September this year and 5.40 percent in October last year according to the latest report of the BBS.
Planning Minister MA Mannan disclosed the information at a press briefing after the meeting of the Executive Committee of the National Economic Council (ECNEC) in the city.
"The inflation rate declined slightly the last month due to fall in prices of some fishes, fruits, and vegetables," said M A Mannan.
He also said overall inflation is under control despite a huge hike in the price of onions.
According to the BBS data, inflation rate has been on a downtrend over the last 4 months.
Point-to-point basis stood at 5.49 per cent in October, and 5.39 per cent in the previous month.
The non-food inflation fell to 5.45 per cent in October from 5.92 per cent in September.
The BBS data also showed that point-to-point inflation rate in both rural and urban areas declined in October.
The inflation rate in rural areas was 5.36 per cent, down from 5.41 per cent in September.
In urban areas, the inflation rate on point-to-point basis stood at 5.67 per cent in October, which was 5.80 per cent in September.
The BBS report titled "Consumer Price Index, Inflation Rate and Wage Rate Index" was presented at the meeting of the Executive Committee of the National Economic Council today.
Moving average of inflation for the last 12 months dropped to 5.50 per cent from 5.63 percent during the previous 12 months.
Average inflation is now at par with the budgetary target of the government.
The BBS calculates Consumer Price Index every month to find the rate of inflation, which measures 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 which was Tk100 last year will now cost Tk105.47, and one will have to buy a lower volume of the commodity if one's income remains static.
However, the wage rate increased 6.38 per cent in October in comparison to the same period of the previous year, said the BBS report.