riots Inflation has reached the seventh sky in Bangladesh, a country struggling with inflation. Inflation in Bangladesh reached a 12-year high of 11.66% in July. The country’s Bureau of Statistics has shared this information. Bangladesh is facing instability due to widespread student movements against the quota system. This information has come to light according to the country’s Bureau of Statistics.
Inflation was 9.72% in June
Inflation was 9.72% in June, The Dhaka Tribune newspaper reported. According to data released by the Bangladesh Bureau of Statistics on Monday, food inflation hit a record high of 14.10% in July and non-food inflation was 9.68%. In June, the figures were 10.42% and 9.15%, respectively. The previous highest level of general inflation was 9.94% last May, the report said.
Why did the protests happen?
In July, massive protests demanding reform of the quota system in government jobs took place across the country under the Anti-Discrimination Student Movement. The protests escalated as the government cracked down on the protesters and soon the protesters began demanding the resignation of the Awami League government led by Sheikh Hasina.
560 people died in the protests
76-year-old Hasina resigned last week and came to India. At the same time, an interim government was formed under the leadership of 84-year-old Nobel laureate Muhammad Yunus. More than 230 people were killed in incidents of violence across the country after the fall of Hasina government on August 5. The death toll has risen to 560 since the anti-quota protests began in mid-July. Curfew and internet shutdowns were imposed for several days in July, disrupting supply chains and hindering the smooth movement of people and businesses. Rail and port services were also affected.
Inflation will decrease
In a recent forecast, the Mastercard Economic Institute (MEI) said that the country is expected to experience a decline in both GDP growth and inflation in FY25, reports The Dhaka Tribune. According to the MEI, the country’s GDP growth will decline to 5.7%, while inflation is projected to decline to 8% in FY25 after reaching 9.8% in FY24.
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