Inflation hits 8-year high at 7.56% in Bangladesh

Bangladesh’s inflation soared to 7.56% in June, which is the highest in eight years.

Earlier in May, this index rose to 7.42%. It jumped another 0.14% points in June, according to a data release by the Bangladesh Bureau of Statistics (BBS) on Tuesday.

Food inflation was 8.37% in June. It was 8.30% in May. Non-food inflation rose to 6.33% from 6.08% last month.

However, the government had set out to keep inflation restricted at 5.30% in last fiscal.

Besides, for the first time in two years, Bangladesh’s foreign exchange reserves dropped below $40 billion on 12 July, reaching $39.77 billion, after the central bank cleared $1.99 billion as import payments to the Asian Clearing Union (ACU) last week, Bangladesh Bank data shows.

Meanwhile, the International Monetary Fund (IMF) has warned of the possibility of Sri Lanka-like situation in several other Asian countries, including Bangladesh and Pakistan.