Living cost in capital soared by 11.08 pc in 2022

Staff reporter :
The average annual inflation in Dhaka was 11.08 per cent in 2022, which was the highest since 2011. Subsequently, the low income group of people had suffered most, the Consumers Association of Bangladesh (CAB) said yesterday.
According to the report, 17 products were predominantly involved to make this galloping inflation during 2022.
On behalf of CAB, Dr. Mahfuz Kabir, Research Director of Bangladesh Institute of International and Strategic Studies (BIISS) revealed those findings on the cost of living in 2022 at a press conference yesterday.
According to the CAB report, in 2022 the overall food inflation rate was 10.03 per cent and the overall inflation rate in non-food items was 12.32 per cent comparing with the first month of the last year.
The survey report had been prepared based on information collected from 11 markets across the city areas of Dhaka. The inflation rate was measured by monitoring 141 food items, 49 non-food items and 25 services.
Items that largely involved for the double-digit inflation were the edible oil, rice, flour, sugar, eggs, bakery products, pulses, fish, domestic poultry, imported fruits, tea and coffee, local and imported milk, washing and personal hygiene items, and transport costs, the report said.
Dr. Mahfuz Kabir observed rise in inflation mainly started to increase from February 2022. After a brief decline in May, it picked up again.
Energy prices hike had contributed to the rise of the production and transportation costs which primarily resulted inflation. Increased price of imported products including raw materials, volatile dollar market, global supply chain disruption, global macro-economic instability due to Russian intervention in Ukraine further exacerbated the problem, he explained while addressing the causes of inflation in last year.
Consequently, in 2022 the real wage had been decreased sharply especially to the low-income and middle-income group people. Eventually, they suffered most, Dr. Kabir said.
According to the proposed policy recommendations after analysing the inflation trend the report prescribed that the government should ensure adequate support under subsidised food aid for both the low-income and middle-income group people, to enhance social protection coverage. The CAB recommendation has also opposed the decision to increase gas and fuel oil prices to protect low and middle-income consumers from rising inflationary pressures.
At the virtual press conference, CAB President Golam Rahman, Vice President SM Najer Hossain, General Secretary Advocate Humayun Kabir Bhuiyan, and others were present.