The average annual inflation increased by 0.17 percentage points to 5.65 per cent in the just concluded financial year 2019-2020 from that of 5.48 per cent in the previous fiscal year 2018-2019, according to Bangladesh Bureau of Statistics data.
The average annual food and non-food inflation between July, 2019 and June, 2020 stood at 5.56 per cent and 5.85 per cent respectively.
Planning minister MA Mannan on Monday released the data at a press briefing held after the weekly ECNEC meeting in the capital. The rate of average annual inflation remained higher than the government’s target of 5.5 per cent in FY20.
However, the point-to-point inflation rate in June went up by 0.67 percentage points to 6.02 per cent, a seven-month high, due to a significant jump in the urban consumer price index (CPI) amid coronavirus outbreak-induced price hike of essential food items, the data showed. In November last year, the inflation was recorded at 6.05 per cent.
The point-to-point food inflation drastically increased by 1.45 per cent to 6.54 per cent in June from that of 5.09 per cent a month ago. The non-food inflation, however, declined to 5.22 per cent in the month from 5.75 per cent in May.
According to the BBS data, the prices of food items like rice, eggs, chicken, vegetables and spices increased in June. Among the highly weighted products, the CPI of food, beverage and tobacco increased by 1.32 per cent to 297.95 last month from that of 294.08.
The BBS in its statistics showed that the average price of najirshail/miniket rice was Tk 65.50 per kg, paijam/eqivalanet rice Tk 63.11 per kg, IRRI/boro rice Tk 48.55 per kg, and wheat price was Tk 40 in the markets of Dhaka city in June.
Among the noon-food items, prices of products like fuels, lightings and clothings increased last month compared to the previous month.
Both the general and food inflation increased in both the urban and rural areas in June from the previous month while the non-food inflation significantly dropped in the month, according to the data.
In June, the general, food and non-food inflation in the urban areas stood at 6.03 per cent, 7.72 per cent and 5.27 per cent respectively, which were 4.81 per cent, 3.94 per cent and 5.79 per cent respectively in the previous month.
The overall, food and non-food inflation in the rural areas stood at 6.02 per cent, 6.47 per cent and 5.18 per cent respectively in June.
In May, the rates of general, food and non-food inflation in the rural areas were 5.65 per cent, 5.61 per cent and 5.73 per cent respectively.
According to the BBS data, the national wage index rate slightly increased to 5.90 per cent in June from 5.89 per cent in May as a result of increasing wages in all three sectors — agriculture, industry and services.
The data showed that the wage index rate for agriculture increased to 6.18 per cent in the month from 6.16 per cent in May.
The wage index rates for industry and services rose to 5.31 per cent and 5.78 per cent respectively in June from 5.29 per cent and 5.75 per cent in May.