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Govt resets base year to track inflation

July inflation drops to 8.03pc with the old base year

Star Business Report
The government has revised the base year for calculating inflation rates to 2005-2006 from 1995-1996 at present, to introduce a more representative index of wholesale prices in the changing structure of the economy.
In line with the new base year, which came into effect from the current fiscal year, inflation on a point-to-point basis stood at only 5.21 percent in July.
However, the rate reached 8.03 percent in the month, falling by 0.53 percentage point, according to the old base year.
The Bangladesh Bureau of Statistics (BBS) yesterday released two types of inflation data on the basis of both the new and old base years.
According to the new base year, food inflation in July, the first month of the current fiscal year, was 2.23 percent and non-food inflation at 9.94 percent.
The rates for food and non-food inflation were 6.30 percent and 11.54 percent respectively in the old base year.
Inflation eased in July mainly due to the falling prices of rice, said the government's statistical agency.
BBS Director General Golam Mostafa Kamal told journalists that inflation went down as the prices of a number of commodities, including rice, marked a decline. He said the prices of lentil, fish, vegetables and edible oil also fell in July compared to the previous month. According to the old base-year data, the prices of both food and non-food item fell in July, when food inflation declined by 0.78 percentage point, and non-food inflation by 0.18 percentage point.
Though food inflation showed a substantial fall, the non-food inflation rate is still in double digits.Kamal said non-food inflation still remains high due to the increased costs of clothes, house rent, furniture and healthcare.
He also said the difference in inflation rates between the two base yeas occurs as some new food and non-food items were included in the inflation basket, while some old items were excluded.
BBS Joint Director Abul Kalam Azad said, in the new basket the weight of rice has increased slightly compared to the basket in the old base year.
Azad said, as the prices of rice have fallen recently, the inflation rate is less in the new base year than that in the old year.
Another BBS official said the weight of
rice in the basket of the new base year is 14.36 percent, which was below 14 percent in the previous base year.
The government agency will publish both types of inflation data till December.
According to a BBS report, the number of total commodities in the consumer basket is 318 in the new base year.
Of these, 182 have been carried forward from the previous basket, while 33 items were excluded and 136 new items were included.
In the urban area, the number of total commodities in the consumer basket is 422. Of these, 271 commodities were included from the previous basket and 31 were excluded. A total of 151 new items were added.
The BBS officials said the new food items included are rice (unboiled), atta (red), flour (white), imported fish such as ruhi, silver carp, pangash and tilapia, and broiler chicken. Mobile phone, colour television and VCD are some of the newly added non-food items.