According to government data, the inflation rate has been declining for the last five months in a row.
However, data analysis from another government organization that works on market prices shows that basic commodities prices are rising every month.
The Dhaka Tribune found that daily commodity prices in the market do not mirror inflation figures.
Even so, costs are rising rapidly when compared to a month ago.
According to the Bangladesh Bureau of Statistics' (BBS) monthly consumer price index, inflation fell to 8.57% in January from 8.71% in December and 9.52% in August.
However, FY23 began with 7.48% inflation in July.
According to BSS data analysis, non-food inflation fell marginally to 9.84% in January, down from 9.96% in December.
According to TCB data research, imported ginger is now selling for Tk300 per kg in the market, up from Tk120 a year ago and Tk180 just a month ago.
That means ginger is being sold at a maximum price that is 121.05% higher than the same period last year and 50% higher than just a month ago.
On Wednesday (February 8), a review of TCB's price list revealed that imported garlic was selling at 43.48% and Deshi Garlic was selling at 100% more per kg than previous year. Both of these increased by 26.32% and 37.5% in a month.
Green chiles are selling for 29.41% more per kilogram than they were in January 2023.
Furthermore, imported ginger is selling at a rate that is 121.05% higher than last year and 50% higher than last month.
Chickpeas, a popular Ramada item in Bangladesh, were offered for Tk85 per kg, up from Tk70 at the same time last year.
Only a month ago, chickpeas were sold for Tk80 per kg, meaning within a month, it has risen by over 3%.
Data shows that with the exception of flour and loose soybean oil, most basic commodities prices rose within a month.
However, when compared to last year, both of these items have increased by 65.22% and 15.25% respectively.
"Most of the products are more expensive this year than last year," Consumers Association of Bangladesh (CAB) President Golam Rahman told the Dhaka Tribune. "There are also some logical reasons for this. But there are also unreasonable reasons."
“When the prices in the international market decrease, the impact is usually very slow, but if there is a price hike, the price of imported goods increases in the market very fast. This is the tendency of traders to make excessive profits and on top of that two months before Ramadan, the price of goods increases creating instability in the market,” he added.
Regarding BBS and TCB data, he said: “If two organizations can come to a common ground in collecting information and data then the correct data will be available which will be more reliable and that will help the government and other organizations in doing different analyses.”
However, when it comes to January inflation, State Minister for Planning Shamsul Alam stated that the country's inflation rate has been declining since September of last year, while wage rates have been rising.
“This indicates the economy is now more active and vibrant,” he said, adding that the country's export revenues were significantly higher between July and December this year compared to the same period last year.
On Wednesday, while inspecting numerous kitchen markets, customers voiced concern that everyday necessities could become unaffordable during the upcoming Ramadan if price controls are not implemented immediately.
