The interim government expressed optimism that inflation will continue its downward trajectory, reaching 7-8% after Ramadan, while cautioning that strict measures will be taken against those engaging in hoarding.
"Inflation has already begun to ease, and we anticipate it will further decline to around 7-8% after Ramadan. Several measures have been taken to achieve this," said Finance Adviser Salehuddin Ahmed while speaking to journalists following a meeting of the Government Procurement Advisory Committee at the secretariat on Tuesday (25 February).
According to updated data from the Bangladesh Bureau of Statistics (BBS), overall inflation in January moderated slightly to 9.94%, with food inflation standing at 10.72%.
Economists attribute this decline primarily to a reduction in vegetable prices, although they continue to view inflation as a major economic challenge.
When asked whether there was any reassuring news for the public ahead of Ramadan, Dr Salehuddin Ahmed responded, "We are making every effort to stabilise the prices of essential commodities. The supply of rice, lentils, and sugar has already been secured, and measures are in place to increase the availability of other goods. Despite ensuring supply, consumers do not always get products at fair prices due to other market dynamics."
Reaffirming the government's firm stance against hoarding, he stated, "I have already warned that those stockpiling goods will face strict action. Agencies beyond the Directorate of Consumer Rights Protection have also been mobilised for rigorous market monitoring. There is no foreseeable shortage of goods, and we are committed to preventing price hikes during Ramadan."
The adviser acknowledged that inflation control remains a key challenge for the government.
"Bringing down inflation is one of our primary targets. We have already achieved a one-percentage-point reduction and are working towards a sustained decline," he added.
Salehuddin Ahmed also noted that the government has reduced VAT on biscuits, but lamented that such price adjustments rarely receive attention. "Nobody writes about how biscuits are now available at lower prices. We are also considering reducing costs for a few other essential Ramadan items," he said.
Regarding speculation that the upcoming budget might be delayed, he dismissed such concerns, stating, "After extensive deliberation, we have decided to present the budget in June, as has been the practice of all caretaker governments before us. A revised budget will be necessary, but we will not miss the June deadline."
He further assured that key stakeholders would be consulted during the budget formulation process.
"Stakeholders will be informed in advance, and if they suggest revisions, they will be considered. If we do not present a budget on time, it will raise accountability concerns with donors, as they make funding projections based on our budget framework," he explained.
Turning to economic indicators, the adviser noted that the current account balance and financial account are both in a positive position but stressed the importance of maintaining this stability.
"Political stability and improvements in law and order are essential priorities for us," he remarked, adding, "Although this is not my direct domain, I must acknowledge the concerns of business leaders, who frequently express unease about security issues. If factories, warehouses, and valuable assets are not adequately protected, businesses will not feel at ease. We have engaged in discussions to address this matter swiftly."
When asked about recent remarks by former US President Donald Trump regarding financial transactions involving Bangladesh, Salehuddin Ahmed stated that any potential misuse of funds would be examined.
"If these funds have been utilised in a manner contrary to national interests or for politically motivated purposes, we will investigate. We must ensure that such funding is not misused in the future," he concluded.
