Bold steps to tame inflation

Prudent measures should be taken to overcome the ongoing crisis

Published : 07 Jun 2023 07:30 PM

Prime Minister Sheikh Hasina ordered the authorities concerned to take immediate steps in order to curb the high inflation rate and resolve the power crisis.

According to the latest report from the Bangladesh Bureau of Statistics (BBS), the monthly inflation rate in May soared to a decade-high of 9.94 percent, up from 9.24 percent in the previous month, as both rural and urban people are paying higher prices for food and non-food items. 

Inflation is becoming unbearable. Besides, the electricity situation has also reached an intolerable level over the last few days. Load shedding has increased due to the shutdown of power plants. 

People are bearing the brunt of high inflation rate and severe power crisis. The government must give high priority to dealing with inflation and the power situation right now.

All the stakeholders 

should make all-out

 efforts to tame inflation

If the ministers concerned and officials pay heed to the prime minister’s order, inflation rate will remain stable while the ongoing power crisis will be resolved.

The reserve of rice, dal, oil and other essential commodities should be reinforced. Government plans to build smart warehouses in villages to reserve foods, which will help to cut inflation as manipulators will not be able to create artificial shortages of foods.

The policymakers of the government will have to create new ideas and plans and frame various strategies to tackle the ongoing crisis. The ministries concerned, departments and central bank must keep supply chain smooth and ensure that no destructive element can hinder the process. 

All the stakeholders should make all-out efforts to tame inflation. The government will have to encourage the farmers to increase food production. We believe the government is doing everything to ensure food security and trying its best to address the situation.