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Inflation inches to 6.05% in November

  • Published at 09:05 pm December 10th, 2019
Inflation
Photo: BIGSTOCK

GDP 8.15%, per capita income $1,909 in FY19

Planning Minister MA Mannan on Tuesday said economy of the country grew by a record 8.15% in the last fiscal year (FY19) while the per capita income reached $1,909.

The minister said this while briefing reporters after the Executive Committee meeting of the National Economic Council (Ecnec) held in the NEC conference room with Prime Minister Sheikh Hasina in the chair.

Mannan said as per the provisional estimation, the GDP growth rate was 8.13% in the last fiscal year and finally it reached 8.15%. The GDP growth rate in the FY18 was 7.86%.

He also said that the per capita income stood at $1,909 from $1,751 in the FY18.

Prime Minister Sheikh Hasina chairs the Executive Committee meeting of the National Economic Council (ECNEC) held in the NEC conference room in Dhaka on Tuesday, December 10, 2019 | PID

According to the BBS, the GDP growth rate at constant prices in the industry sector increased by 12.67% in the last fiscal year which was 12.06% in FY18.

In the services sector, the GDP growth rate increased by 6.78% in the last fiscal year while it was 6.39% in FY18.

In the agriculture sector, the GDP growth rate increased by 3.92% in last fiscal year while it was 4.19% in FY18.

The total size of the GDP at current prices in the last fiscal year stood at Tk25,424,82 crore, up from Tk22,50,479 crore recorded in the FY18.

The BBS data also showed that in the last fiscal year, the investment ratio to GDP stood at 31.57% which was 31.23% in FY18.

In the last fiscal year, the private investment ratio to GDP increased to 23.54% while the public investment ratio to GDP stood at 8.03%.

He said the runaway prices of onion contributed to the country's higher inflation in November.

“Onion was the lead actor behind the rise of inflation last month,” he told reporters after the ECNEC meeting.

"Consumers in the capital are seriously upset with the high prices of onions. Despite several attempts from the government agencies to control the market, onion prices still remain high," he added.

The point-to-point inflation rose by 0.58 percentage point in November to 6.05 percent, compared to the previous month.

The inflation in October was 5.47%  and 5.91% in November last year, according to the latest report of the Bangladesh Bureau of Statistics (BBS).

Food inflation rose to 6.41% in November from 5.49% in October. 

Moreover, inflation in non-food items such as house rent, furniture, household, health services, transportation, education equipments and other service sectors also shot up, the minister said.

General inflation rose to 6.05% from 5.47% in October, he added.

According to the Consumer Price Index (CPI), prices of food items like vegetables, gram, sugar, fish, meat, farm chicken, fruits, tobacco, dairy products also went up in November.

The CPI data also show that in rural areas overall inflation  rose to 6.1% in November from 5.36% in October. 

On the other hand, in urban areas overall inflation rate rose to 6.12% in the given month from 5.67% in October. 

Food products' inflation rose to 6.11% from 5.31% while non-food products inflation rose to 6.13% from 6.09% in October.