Bangladesh’s persistent rise in food inflation is a pressing concern that demands immediate attention.
As reported in this newspaper on Tuesday, food inflation has remained in double digits for nine consecutive months, with alarming figures reaching as high as 14 per cent in July—the highest in 13 years.
This trend is not merely a statistic; it represents the daily struggle of millions of Bangladeshis grappling with the harsh realities of rising prices for essential goods.
The Bangladesh Bureau of Statistics (BBS) indicates that while food inflation was relatively contained in early 2023, it surged dramatically from April onwards.
By November, food inflation had escalated to 13.80 per cent, exacerbating the financial strain on households already burdened by overall inflation rates exceeding 9 per cent since March 2023.
The situation is further compounded by the depreciation of the Taka, which has lost over 12 per cent of its value against the US dollar in 2024, inflating the cost of imported food items.
Despite a global decline in food commodity prices, the people of Bangladesh are not reaping the benefits.
Experts attribute this disconnect to inadequate monetary and fiscal policies, market manipulation, and a lack of effective government intervention.
The Bangladesh Bank’s attempts to curb inflation through repeated policy rate hikes have yet to yield tangible results, leaving consumers in a precarious position.
Moreover, the plight of the working class cannot be overlooked. Monthly wage growth has consistently lagged behind inflation for over 35 months, forcing many to reduce their consumption and compromise on necessities.
This financial distress is a stark reminder of the widening gap between economic policy and the lived experiences of ordinary citizens.
As Bangladesh approaches a critical juncture, it is imperative for the interim government to take decisive action.
Effective measures must be implemented to dismantle market syndicates and address the root causes of inflation.
The time for complacency has passed; the people of Bangladesh deserve a government that prioritises their welfare and ensures that essential goods remain accessible and affordable.
The rising tide of food inflation is not just an economic issue; it is a humanitarian crisis that requires urgent and sustained intervention.
