Living cost increased by 6.88pc in 2020: CAB
Published : Thursday, 17 June, 2021 at 12:00 AM Count : 331
The cost of living in 2020 increased by 6.88 percent compared to 6 .5 percent in 2019 while it was 6 percent in 2018.
Prices of products and services rose by 6.31 percent, up from 6.08 percent in the previous year
Consumers Association of Bangladesh (CAB) in a report published in virtual press conference on Wednesday noted that the increase in the prices of goods and services had adversely affected the lives of people.
CAB President Ghulam Rahman presented the observations at a press conference while unveiling a report on last year's cost of living and consumer interest.
The cost of living has increased and on the other hand income of the lower and lower-middle-class people has greatly reduced due to the impact of Covid-19, he said.
As a result, the living standards of lower and lower-middle-class consumers were affected greatly in 2020, Rahman said.
The living cost has been calculated based on the weight of the products or services that are in the consumer's basket in comparison with the total expenditure of a family, it said.
However, the education, medical care and actual travel expenses have not been included in the calculation, according to the report.
The survey report has been prepared on the basis of information related to 114 food items, 22 essential commodities and 14 services. Information was gathered from 15 retail markets in the preparation of the report.
The organization has focused on the cost of living in cities by taking into account expenses borne by a family on getting products and services.
However, the costs spent on education, medical services and communication have been kept out of this account.
CAB President Golam Rahman said the cost of living in the capital clearly has increased in the last three years. On the other hand, the income of the lower and lower-middle class people has been greatly reduced due to the impact of the coronavirus pandemic during this period.
As a result, the living standards of lower and lower-middle class consumers were particularly affected in 2020.
The CAB report presents data on abnormal price increases of several products. Cab thinks that the price of rice increased abnormally in 2020. At the end of the year, the rise in rice prices did not stop during the Aman paddy season.
Compared to 2019, the average price of rice increased by about 20 percent in 2020. On the other hand, the prices of domestic and imported pulses increased by an average of 14.17 percent and the prices of vegetables by an average of 9.6 percent.
Besides, the price of WASA water has increased by 25 percent per thousand liters. The average price of electricity for residents has increased by 6.05 percent and the average price of commercial electricity has increased by 4.81 percent.
The average house rent in Dhaka has risen by 5.35 percent with flats rising the most by 7.75 percent, slums by 3.45 percent and mess rooms with 6 seats by 3.45 percent. .