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Costly food pushes inflation to highest point since 1998

Rejaul Karim Byron
Inflation has hit a six-year high of 7.35 percent in September, affecting mainly the poor and the rural people because of food price hike.
According to the Bangladesh Bureau of Statistics (BBS), the inflation rate was 7.56 percent in the rural areas and 6.82 percent in the cities in September.
In FY01, it was as low as 1.94 percent going up to 2.79 percent in the next fiscal year and then to 4.38 percent in FY03. In June this year, this figure was 5.83 percent.
In recent times, inflation went over 8 percent in 1998, when a devastating flood crippled the economy.
Similarly two consecutive floods led to food price hike this year.
"But more importantly, global food prices are buoyant making food imports costlier. This has contributed to the inflation rise," notes a Bangladesh Bank official.
Food inflation index soared to 9.48 percent at the national level -
9.54 percent in the rural areas and 9.35 percent in the urban areas. Food makes up 60 percent of the consumer price index basket. In the rural areas, this is 70 percent of the basket.
Non-food inflation stood at 4.16 percent at the national level — 4.15 percent in the rural areas and 4.20 percent in the urban areas.
The inflation has been fuelled by the rising rice prices, according to the BBS. The price of fine quality rice increased to Tk 28.5 a kg from Tk 27.05 last fiscal year. Medium quality rice shot up to Tk 20 a kg from Tk 18.21 last fiscal and coarse rice now costs Tk 15.9 against Tk 15.41.
However, in retail markets the price hike was even higher. For instance, prices of coarse rice are betweenTk 16 andTk 17 a kg now.
Research Director of Bangladesh Institute of Development Studies (BIDS) Dr Zaid Bakht said inflation has hit the poor hard.
"Ramadan, floods and law and
order situation have contributed to the food price rise," he noted. "The government may consider lifting the restrictions on rice import to make the cereal cheaper," Bakht added.
A BBS source said although the bureau is yet to gather full information it is likely dial inflation had increased further in November.
"We believe the situation will improve afterwards," the source said.
About lifting restrictions on rice imports, he said one must also remember that these restrictions were imposed to ensure fair price to local farmers.
The government is set to announce a new pay scale that may further fuel inflation because of transportation and housing becoming costlier. Dr Bakht forecasts. A dismal aman rice harvest this year also does not bode well for consumers.