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Food prices peak four times: ADB

STAR REPORT
Food price index curved up four times in July 2003 compared to the same month last year, the Asian Development Bank (ADB) said yesterday.
"The food price, which has a weight of 58.8 percent in the overall index, increased to 5.9 percent in July 2003 from 1.5 percent in July 2002. Inflation is likely to pick up further in the coming months," Purnima Rajapakse, head of economics unit of the ADB, told a press briefing in Dhaka yesterday.
As in the recent past, food prices continue to be the driving force behind rise in inflation, he added.
"The annual average rate of inflation, on the basis of a new base year (FY96=100), increased steadily to 4.5 percent in July 2003 from 2.9 percent in July 2002," Rajapakse added.
On a point-to-point basis, inflation has picked up, amid fluctuations, to 5.1 percent in July 2003 from 3.6 percent in July 2002.
After having remained at a relatively high level during the first half of FY2003, non-food prices have exhibited a downward trend in recent months because of greater exchange rate stability and a tighter fiscal stance, the ADB economist said.
His analysis is based on figures of the Bangladesh Bureau of Statistics. Inflation is likely to come down after the harvest of Aman crop and fall in global commodity prices, he added.
Toru Shibuichi, country director, Rezaul Karim Khan, economist, and other ADB officials were present.
The ADB said GDP growth was set to hit 5.7 percent in FY04 because of a pick-up in global demand, steady farm growth and an expansionary budget.
The current account of the balance of payments (excluding official grants) for FY03 rose to a surplus of $268 million from a surplus of $171 million during the same period in FY02, it added.
Shibuichi said law and order continued to be a major concern and the political scenario was characterised by confrontation.
Bangladesh needs substantial investment and the private sector should be provided with a favourable environment to invest, he said.
"But investors are facing many obstacles. Without improving the environment, it is very difficult for Bangladesh to get local as well as foreign investment."
"The main opposition, the Awami League, continues to boycott parliament and boycotted the conference of the Commonwealth Parliamentary Association in Dhaka this month. Several days of hartals were enforced with some disruption in official and business activities," he said