The inflation rate in Bangladesh has surged to 11.38 percent in November 2024, marking the highest level in the past four months.
This sharp increase is primarily driven by rising food prices, which jumped to 13.80 percent, exacerbating the cost of living for millions of people. For many Bangladeshis, this rate represents not just an economic figure, but a daily struggle to afford basic necessities.
Food inflation is hitting households hardest, as staple items like rice, oil, fish, meat, and vegetables have become significantly more expensive. In November alone, consumers were forced to spend Tk 113.80 to buy what they could have bought for Tk 100 last year. This sharp increase in food prices is a painful reality for families, particularly those with limited incomes, who are finding it increasingly difficult to meet their nutritional needs.
While food prices have grabbed the most attention, non-food inflation has also risen significantly, reaching 9.39 percent in November, up from 9.34 percent in October. This is a worrying trend, as it means that other essential goods and services, including housing, healthcare, and transportation, are also becoming less affordable.
For example, house rent, medical services, and educational materials saw noticeable price hikes in November, further squeezing household budgets.
The impact of inflation is not the same across the country. Rural areas, where a large portion of population struggles with lower income levels, have seen an even steeper rise in inflation. In November, the inflation rate in rural areas was 11.53 percent, up from 11.26 percent in October, and significantly higher than the 9.62 percent recorded in the same period last year.
Food inflation in rural areas was particularly harsh, reaching 13.41 percent. This increase in the cost of living is a blow to the rural population, who often have fewer opportunities to adjust to rising prices compared to their urban counterparts.
Urban areas, while somewhat better off, are still grappling with high inflation. In November 2024, urban inflation rose to 11.37 percent, with food inflation hitting 14.63 percent. This marks a clear increase from the same period last year, when inflation in urban areas was significantly lower.
The escalating cost of living in cities, especially in terms of food, is making life harder for lower-income and middle-class families.
The persistent inflation, which has remained near double digits for over a year and a half, is eroding the purchasing power of ordinary citizens. With wages failing to keep pace, the cost of essentials continues to outstrip income growth, deepening economic hardship.
Lastly, inflation is not just a statistic; it is the silent killer of Bangladesh's economy, and its effects are felt most acutely by the poor and the vulnerable. It is a challenge that requires immediate, bold action from the government to mitigate its effects and safeguard the future of the nation.
Without decisive intervention, the economic divide will only grow wider, and the dream of a prosperous Bangladesh will remain just that - a dream.
