Inflation hit harder in rural areas than cities with overall point-to-point inflation in February.
According to statistical research, rural inflation would rise at a considerably faster rate.
Almost all daily essentials are more expensive in rural areas than in cities, with food being the most expensive.
According to data from Bangladesh Bureau of Statistics (BBS), the point-to-point inflation rate jumped by 0.21% to 8.78% in February.
Despite lower global commodity prices in February, the food price index rose to 8.13% from 7.76% in January, while the non-food price index declined slightly from 9.84% to 9.82%.
Our study found that food inflation has become a growing source of concern in rural communities. The rural food price index reached 8.19% in February, up from 7.92% the previous month.
Nonetheless, inflation has remained above 8% for the past seven months, dating back to July 2022.
The overall inflation in February last year was 6.17%.
The inflation percentage in March was 6.22%, in April 6.29%, May 7.42%, June 7.56%, July 7.48%, August 9.52%, September 9.10%, October 8.91%, November 8.85%, December 8.71% and in January was 8.57%.
Upon asking about the rising inflation in rural areas, AB Mirza Azizul Islam, economist and former financial adviser to the caretaker government, told Dhaka Tribune earlier that the people of rural areas are facing the biggest problem of inflation due to various reasons including lack of accountability and the distance of transporting goods.
State Minister for Planning Shamsul Alam stated that the country's inflation has not reached uncomfortably high levels.
Defending his statement, the state minister drew examples of Zimbabwe and Pakistan having 300% and 40% inflation respectively.
“We have inflation but not at hyper level and it is mainly production cost-based. Even India's inflation is higher than ours.”
“Although inflation increased in February, reporting at 8.78%, a downward trend prevailed in the last few months,” he noted.
He was speaking after the Executive Committee of the National Economic Council (ECNEC) meeting on Sunday (12 March).