The general point to point inflation rate in November eased further as it fell to 8.85 percentage point mainly because of the downtrend in food inflation.

“The general point to point inflation rate eased further to 8.85 percentage point in November,” said Planning Minister MA Mannan while addressing a press conference to reveal the monthly consumer price (CPI) index at his Ministry here today.

The general point to point inflation rate in October was 8.91 percentage point, according to the latest data of the Bangladesh Bureau of Statistics (BBS).

The point to point food inflation came down at 8.14 percentage point in November down from 8.50 percentage point recorded in October this year.

On the other hand, the point to point non-food inflation, however, increased slightly to 9.98 percentage point up from 9.58 percentage point registered in October.

Commenting on the overall inflation situation, the Planning Minister said, “We’ve got very good news in November. There is a possibility that inflation will reduce further in December also.”

Banking on the desired yield of Aman alongside winter vegetables as well as the downtrend of fuel oil price in the international market, Mannan reiterated his optimism that the GDP growth rate in the current fiscal year (FY23) would reach 7 percent despite all the odds.

Turning to the issue of fuel oil, he said that the government procures fuel oil from international market and it does not make any business with it while selling in local market.

He informed that the government would review the indices for calculating the CPI index alleging that many had tried to do politics with the upward trend of inflation, but ultimately they have failed.

The Planning Minister mentioned that the general point to point inflation has declined over the last three months on a continuous basis and it would reduce further in December.

Referring to the downward trend of fuel oil price in global market alongside the good harvest of Aman and vegetables, he said the current declining trend of fuel oil price would definitely put a positive impact in the local market.

He hinted that the fuel oil price might see an adjustment in future if it continues to fall in the international market.

Answering to a question, Mannan said that inflation is being calculated in the country based on 422 items including gold, butter and coffee.

He said that the price ups and downs of such items also put impact on the overall inflation trend for which the items for calculating the CPI index would be reviewed.

Alleging that many had tried to use inflation for political purpose, he said but their hopes has been shattered as ‘good management’ has been the main reason for declining trend of inflation.

The planning minister said that duty exemptions on import of some essential items alongside the selling of essential items to the common people by the state-run Trading Corporation of Bangladesh (TCB) has also helped to tame inflation.

The BBS data showed that the general point to point inflation in the rural areas has slightly increased to 8.94 percentage point in November up from 8.92 percentage point in October.

However, the general point to point inflation rate in the urban areas in November declined to 8.70 percentage point from 8.90 percentage point in October.

The national wage index rate in November reached 6.98 percentage point which was 6.91 percentage point in October this year.