Bangladesh's inflation spikes to 12-year high to 11.66% in July, amid widespread anti-quota protests
Aug 13, 2024, 17:01 IST
Bangladesh's inflation in July reached a 12-year high at 11.66 %, as it faced turmoil due to the massive student protest over a controversial job quota system, according to the country's Bureau of Statistics. The inflation was 9.72% in June, The Dhaka Tribune newspaper reported.
Data released by the Bangladesh Bureau of Statistics on Monday showed that food inflation in July registered a record high of 14.10%, and non-food inflation stood at 9.68%. This was 10.42% and 9.15% respectively, in June.
The previous high of the general inflation rate was 9.94% last May, the report said. July was marked by country-wide protests by the Anti-Discrimination Student Movement that began demanding quota system reforms in government jobs.
A crackdown by the government on dissenters further provoked the protests, as agitators soon began to demand the resignation of the Sheikh Hasina-led Awami League government.
Hasina, 76, resigned and fled to India last week, and an interim government was formed, headed by Chief Adviser, 84-year-old Nobel laureate Muhammad Yunus.
Over 230 people were killed in Bangladesh in the incidents of violence that erupted across the country, following the fall of the Hasina government on August 5, taking the death toll to 560, since the anti-quota protests first started in mid-July.
July also witnessed curfews and internet shutdown for several days, disrupting supply chains and hampering the smooth operations of people and businesses. Rail and port services were also affected. The Mastercard Economic Institute (MEI) in a recent forecast said the country is expected to experience a decline in both GDP growth and inflation in the fiscal year 2025, The Dhaka Tribune reported.
According to MEI, the country's GDP growth will drop to 5.7%, while inflation, after rising to 9.8% in FY24, is projected to ease to 8 in FY25.
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Data released by the Bangladesh Bureau of Statistics on Monday showed that food inflation in July registered a record high of 14.10%, and non-food inflation stood at 9.68%. This was 10.42% and 9.15% respectively, in June.
The previous high of the general inflation rate was 9.94% last May, the report said. July was marked by country-wide protests by the Anti-Discrimination Student Movement that began demanding quota system reforms in government jobs.
A crackdown by the government on dissenters further provoked the protests, as agitators soon began to demand the resignation of the Sheikh Hasina-led Awami League government.
Hasina, 76, resigned and fled to India last week, and an interim government was formed, headed by Chief Adviser, 84-year-old Nobel laureate Muhammad Yunus.
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July also witnessed curfews and internet shutdown for several days, disrupting supply chains and hampering the smooth operations of people and businesses. Rail and port services were also affected. The Mastercard Economic Institute (MEI) in a recent forecast said the country is expected to experience a decline in both GDP growth and inflation in the fiscal year 2025, The Dhaka Tribune reported.
According to MEI, the country's GDP growth will drop to 5.7%, while inflation, after rising to 9.8% in FY24, is projected to ease to 8 in FY25.