Food inflation rises in 1st quarter of current fiscal year

Food inflation rises in 1st quarter of current fiscal year

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Finance Minister AMA Muhith on Monday admitted that the food inflation in the first quarter of the current fiscal (2017-18) increased but the non-food one marked a fall.

He made the statement while placing the report on budget implementation progress of the first quarter (July-Sept), the trend of income and expenditure, and macroeconomic analysis.

The Finance Minister said the food inflation in July was 6.95 percent, while 7.32 percent in August and 7.87 in September. The 12 months average after the quarter is 6.72 percent.

The food inflation in the mentioned months was 4.35 percent, 4.30 percent and 5.10 in the first quarter of the 2016-17 fiscal. The 12 months average after the quarter is 4.56 percent.

The non-food inflation in the first three months of the running fiscal was 3.53, 3.75 and 3.44 percent while it was 6.97, 7 and 6.19 percent during the same period of the last fiscal year. The 12 months average after the quarter of the current fiscal is 3.81 percent while it was 7.48 percent in the previous fiscal.

The overall inflation in the stipulated three months of the current fiscal was 5.57, 5.89 and 6.12 percent which was 5.40, 5.37 and 5.71 percent in the previous fiscal. The 12 months average after the quarter of the 2017-18 fiscal is 5.55 percent while it was 5.71 during the last fiscal.

Muhith said although the first quarter of the last fiscal saw a negative growth in earning from the remittance, the situation is improving gradually. “The remittance inflow has increased by 4.4 percent in the first quarter of the current fiscal compared to the previous year.”

Highlighting some key macroeconomic indicators during the first quarter (July-Sept) of the current fiscal year, he said the revenue collection under the NBR rose by 19.3 percent, the overall public expenditure increased by 8.7 percent, the ADP implementation rate was 10.2 percent that was 8.7 percent in the last fiscal, export earnings rose to 8.7 percent which was 8.1 percent in the previous year, import expenditure increased by 28.4 percent to $ 13.2 billion, the growth for opening import LCs is 36.5 percent, the private sector credit flow increased by 17.8 percent while the rate of general point-to-point inflation came down to 5.5 percent from 5.7 percent in September last.

About the overall revenue collection scenario during the first quarter, Muhith said about Tk 51,128 crore were collected during the first quarter which was about 17.8 percent of the budgetary target which is 17.1 percent higher than the previous year.

He said the revenue collection target in the current fiscal year was earlier set at Tk 287, 990 crore.

About the government expenditure scenario during the first quarter, he said the overall government expenditure during the first quarter increased by 8.8 percent compared to the first quarter of the last fiscal year.

On budget deficit, the Finance Minister said it was 3.1 percent in the last fiscal year and in the current fiscal year it is anticipated to be Tk 122,277 crore, which is five percent of the GDP.

In his statement, Muhith also touched upon various aspects of education, health, power and energy, communication infrastructure, agriculture and rural development, social welfare, expatriates welfare and industrial sector.

The Finance Minister, however, said Rohingya influx and their repatriation issues have added a new dimension towards fixing socioeconomic action plan.

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