The price of food products has decreased in the international market. Ship fares have decreased along with transportation related fuels. Due to this, the global food inflation rate has started to decrease. In some countries this rate has decreased to a negative level or there is no inflation. On the other hand, food prices are falling. Inflation rate has been brought down to 2 to 3 percent in all the countries which were grinding. But this rate is increasing in Bangladesh.
In May 2021, food price inflation in Bangladesh was 4.87 percent. In April 2022, it increased to 6.23 percent. In May of that year, it increased to 8.30 percent. Since then this rate has been increasing. Food price inflation in Bangladesh was 10.2 percent last April. Food inflation has been above 8 percent for the past three years.
This information is known from a report of the World Bank published on Monday night. Meanwhile, it can be seen from the report of Bangladesh Bureau of Statistics that it increased to 10.76 percent in May.
According to the report of the World Bank, since the beginning of the Russia-Ukraine war, the inflation rate has been increasing, especially in European and American countries. All those countries have crossed the double digit rate. All those countries have already managed to bring it down between 2 and 3 percent. But even after taking various measures against inflation in Bangladesh, it is not decreasing. On the contrary, it is increasing. Food price inflation in Bangladesh was 10.2 percent last April. At that time, the rate of food inflation among SAARC countries dropped to 6.9 percent in Bhutan, 7.9 percent in India, and 5.2 percent in Nepal. Pakistan, which is plagued by economic crisis, managed to bring down the food inflation rate below double digits. The country now has this rate of 9.7 percent. In debt-ridden Sri Lanka, food inflation has dropped to 2.9 percent. In the Maldives it fell to 5.9 percent. But Bangladesh was not successful in this sector.
Due to the impact of the Russia-Ukraine war, the rate of food inflation in the United States and European countries rose to double digits. Now it has come down to 2.2 percent in the US and 2.9 percent in the UK. This rate is also decreasing in other countries. Cambodia saw no inflation in April. This rate is 7 percent in Indonesia, 6.3 percent in Philippines, 3.3 percent in Thailand, 3.1 percent in Brazil, minus 2.8 percent in China, 2 percent in Malaysia.
In war-torn Ukraine, the rate fell to 10.8 percent in April. 4.3 percent in Japan, 7.7 percent in Saudi Arabia, 3 percent in Singapore.
This rate is still higher in some countries in economic crisis. However, due to the government activities in those countries, the pressure of inflation is not falling on the consumer. Food price inflation in Iran is 23.1 percent, Myanmar is also 53.1 percent.
