Inflation to fall in November

The inflation rate would come down in November and continue to fall in December and January as well and it will be stable in the month of February, said Planning Minister MA Mannan on Tuesday.

“The country’s point to point inflation rate will come down in November and it will continue to decrease in December, January and will be stable in February”, the minister told reporters after a meeting of the executive committee of the national economic council (ECNEC) in the capital.

“But, the down trend of inflation rate may get slower in the next March”, he said. The overall inflation trend is now downward while the wage index is also following the upward trend which is not too much satisfactory, but it’s a good sign, Mannan said.

Besides, vegetable production in the country has increased sixfold in the last couple of years, while different fruit production including foreign fruits has increased significantly, he added.

“The supply chain is good and our remittances are taking a turn for the better. Inflation will be under control in future,” he also said.

The country is likely to witness a good harvest of Aman crops this year which is definitely good news for all, subsequently, it would help to boost the supply chain to rein in the inflation further, Manan stated.

The Prime Minister Sheikh Hasina has expressed her satisfaction over the current inflationary situation, he informed.

The planning minister said that, due to various steps taken by the government and the central bank, the gap in the current account balance is gradually narrowing down while the overall inward remittance and exports earnings are still following a positive trend.

Meanwhile, State Minister for Planning Prof Shamsul Alam said, the inward remittance flow during the July-October period of the current fiscal year (FY23) totaled $7.198 billion which is higher than the corresponding period of the last fiscal year (FY22).

Earlier, the overall inflation in Bangladesh fell to 8.91 per cent in October, on a point-to-point basis, from 9.1 per cent in September, reports the United News of Bangladesh.

In August this year, the overall inflation in the country rose to 9.5 per cent. This important and sensitive indicator of the economy was the highest in August in the last 12 years.