Friday, March 29, 2024

Cost of living almost double in 5 yrs

The cost of living in Bangladesh has increased by 82.59 per cent over the last five years from, according to Bangladesh Bureau of Statistics (BBS). In relation, the income has increased by 59.38 per cent over the same period showing an unusual disparity between income and expenditure.
This disparity has made the fixed income group’s living extremely unmanageable, experts opined.
According to the Household Incomeand Expenditure Survey- 2010 of Bangladesh Bureau of Statistics (BBS), the costof living in 2010 (national level)  wasestimated at Tk 11,200 which was Tk 6,134 in 2005, showing an increase of 82.59per cent expenditure.
Contrarily, the average monthlyincome (national level) in 2010 was estimated at Tk 11,480 which was Tk 7,203 in2005 that shows an income growth of 59.38 percent.
However, in rural and urbanlevels, the average monthly expenditure was estimated at Tk 9,612 and Tk 15,531respectively in 2010.   
The price hike of essentials,lack of efficient market policy and high inflation rate have pushed up theliving expenditure, experts further opined.
The recent hike in fuel pricewill further strike the middle and lower income groups of people hard, theysaid, adding that increasing trend of inflation this year foretell that thecost of living would be strikingly high. 
On point to point basis, theinflation rate during last August was 11.29 per cent which was 10.17 in Junethis year.
According to market study reportof Consumers’ Association of Bangladesh (CAB), the prices of rice haveincreased 21.13 per cent, prices of edible oil 7.95 per cent, prices of fishes18.65 per cent, prices of spices 41.24 per cent, and prices of sugar increased35.77 per cent in 2010 than those of previous year.
In addition, the house rentincreased 5.99 per cent, water and electric prices 4.97 and 6.48 percentrespectively in 2010.
In comparison to 2009, the livingcost in 2010 have increased 16.10 per cent, said the CAB report, adding that ithas been increasing around 12 per cent per year since last couple of years.
Compared to 2010, prices of ricehave increased 12.05 per cent, edible oil 34 per cent, onion 23 per cent andsugar 26 percent in 2011, reveals the Trading Corporation of Bangladesh (TCB).
Meanwhile, according to a reportpublished by Oxfam, an international NGO, the prices of imported essentialshave increased 10 to 25 per cent more than the price increased in internationalmarket. As a result, about 70 per cent earning of the people are being spent onconsumption purposes, it noted.
Professor Dr Mostafizur Rahman,executive director of the Centre for Policy Dialogue (CDP), has termed the high inflation rate as the main cause behind the increase of cost of living. He said the sufferings of the fixed-income people have multiplied since they have tomanage their expenses with the limited income.
According to the present situation, people have to depend on their savings to manage expenses. If their income does not increase in concurrence with expenses, the situation would be more adverse, he added.
“The recent fuel price hike will push inflation rate to rise. If government does not invest the money accrued from the subsidy given in energy sector, people’s life would be further miserable,” said Prof. Mostafiz.
Meanwhile, experts predict thatliving expenditure have increased alarmingly in 2011 since prices of almost allessentials increased steeply this year. The transportation fare has alsoincreased several times in a single year ensued by increase in fuel price.
They also predict that thenational saving would be adversely hampered due to the huge gap between theincome and expenditure.
According to the Bangladesh Economic Review (2011), the national savings in 2009-10 fiscal was 30.02 percentof GDP while during the FY 2010-11, the savings reduced to 28.40 percent of GDP. 

-With The New Nation input

Related News

bKash communications chief Mahfuz Sadique dies at 40

News Desk : dhakamirror.com Mahfuz Sadique, chief communications officer of mobile financial services firm bKash, passed away in Bangladesh capital Dhaka Friday morning. He was 40. Mahfuz died around 9:00am while undergoing treatment at a hospital in the capital, bKash said in a statement. Mahfuz, who began his career as a journalist at New Age, ... Read more

Prices for potatoes increase by 229% from the previous year

Prices for potatoes varied from Tk16 to Tk22 per kg at this time last year. News Desk : dhakamirror.com Despite the presence of both new and old potatoes in the market, potato prices have soared by 229% compared to late December last year. According to the Trading Corporation of Bangladesh (TCB), the selling price for ... Read more

LGED engineer dead, UNO among 3 injured in Panchagarh car crash

News Desk : dhakamirror.com An engineer of the Local Government Engineering Department (LGED) was killed and three other government officials were injured when the vehicle of a UNO hit a roadside tree in Panchagarh Sadar upazila early today. The deceased was identified as Abu Sayed, 33, upazila engineer of LGED from Pirganj upazila of Thakurgaon. ... Read more

UNHCR calls for rescue of Rohingyas stranded in Andaman Sea

News Desk : dhakamirror.com The United Nations (UN) Refugee Agency, UNHCR, has made an urgent appeal to all countries in the region, particularly those in the area surrounding the Andaman Sea, to swiftly deploy their full search and rescue capacities in response to reported vessels in distress with hundreds of Rohingya at risk of perishing. ... Read more

Over 200 RMG workers injured in Comilla while evacuating factory during earthquake

News Desk : dhakamirror.com Over two hundred garment workers in Cumilla’s Chauddagram have been injured while trying to evacuate the factory building of Amir Shirt Garment Limited during today’s earthquake. A 5.5 magnitude earthquake at a depth of 10km jolted Dhaka, and parts of the country at 9:35am today (2 December). The epicentre of the ... Read more

Daughter hacked father to death in Chattogram

News Desk : dhakamirror.com A father was hacked to death by his own daughter during an altercation over a trivial matter at Lohagara upazila in Chattogram on Friday (1 December). The deceased was identified as Abdur Rahman, 50, of Putibila Sarai village under the upazila. Police have detained the daughter, Humaira Begum, 23, soon after ... Read more

HSC results: Dhaka has most GPA-5 achievers, while Barishal has highest pass rate

News Desk : dhakamirror.com Dhaka had the highest number of GPA-5 recipients in the HSC exams, while Barishal Education Board had the highest pass rate among nine educational boards. Education Minister Dipu Moni announced today that the overall pass rate in the nine general boards is 75.90 percent. In terms of pass rates, Barishal ranked ... Read more

PSC postpones 45th BCS written tests

News Desk : dhakamirror.com The Bangladesh Public Service Commission (PSC) has decided to postpone the written tests for the 45th Bangladesh Civil Service examination, which was scheduled to be held on 27 November. The announcement came through a notification signed by Ananda Kumar Biswas, the exam controller of PSC, issued on Friday. PSC held a ... Read more

After stabbing younger sister to death woman ‘kills herself’ in Hazaribagh

News Desk : dhakamirror.com A woman reportedly killed herself after stabbing her younger sister to death in the capital’s Hazaribagh area today. Police said the incident took place in the Kalunagar area at around 12am on Monday (13 November). The deceased have been identified as Jasmine Akhtar, 44, and her younger sister Nasreen Akhtar, 30. ... Read more

Oman stops issuing new visas to citizens of Bangladesh

News Desk : dhakamirror.com The Sultanate of Oman has suspended the issuance of visas across all categories for Bangladeshi nationals, the Royal Oman Police (ROP) said on Tuesday. The decision was effective from Tuesday, reported Oman-based English newspaper the Times of Oman referring to the Royal Oman Police. The report said that the ROP confirmed ... Read more

Dhaka girl Nupur takes over as chairman of Unilever for a day

News Desk : dhakamirror.com Seventeen-year-old Nupur from Dhaka, had the opportunity to take over Unilever’s chairman position for one day on Thursday. There, she symbolically carried out the roles and responsibilities of Zaved Akhtar, the chairman and managing director of Unilever Bangladesh, said a press release. Nupur being an active youth club member, works for ... Read more

Hospitals must follow guidelines, orders HC

News Desk : dhakamirror.com The High Court on Thursday asked the government to take steps to make it compulsory to follow the relevant guidelines for the prevention of performing unnecessary caesarean section surgery at government and private hospitals and clinics. The court has also directed the government to widely circulate the guidelines within six months. ... Read more

Woman delivers birth to five babies at DMCH

News Desk : dhakamirror.com A woman has given birth to five premature babies. The quintuplets were born at the Dhaka Medical College Hospital (DMCH) at 10am on Thursday to Mansura Begum, 22, the wife of CNG driver Md Mamun from Bandardia village in Shibpur upazila of Narsingdi district. One of the newborns, however, died shortly ... Read more

Tk8.44 cr fine imposed to Kazi Farms, 3.44 crore to Suguna Food

News Desk : dhakamirror.com The Bangladesh Competition Commission has fined Kazi Farms Group and Saguna Food and Feeds on charges of market manipulation causing abnormal rise in broiler chicken prices. BCC officials said that the companies must deposit the fine amount to the BCC within 10 working days. If they fail to deposit the fine ... Read more

Heritage volunteers visit national museum

News Desk : dhakamirror.com The heritage volunteers participating in UNESCO World Heritage Volunteers Programme 2023 visited national museum in Dhaka on Sunday. The ten-day workshop programme organised by Nagar Upakhyan-Perceive started on October 1, said a press release. The Heritage volunteers’ team visited national museum which is on the UNESCO World Heritage tentative list on ... Read more

Fare for Bangladesh-India trains to increase from November 10

News Desk : dhakamirror.com Ticket prices of three inter-country trains on Bangladesh-India routes are going to be hiked from November 10. The fares are going to increase due to high exchange rate of US dollar and rising travel tax, according to the Bangladesh Railway officials. The trains are – Maitree Express on Dhaka-Kolkata, Bandhan Express ... Read more

Man, nephew killed by lightning

News Desk : dhakamirror.com A man and his nephew were struck by lightning in Satarbari village of Longair union under Gafargaon upazila of Mymensingh yesterday. The deceased were identified as Sohel Mondol, 40, a trader of pharmaceutical drugs, and his nephew Razib Mondol, 35 a rice trader in the village. Quoting locals, Raju Ahmed, officer-in-charge ... Read more

TV sales decline despite World Cup: Is streaming to blame?

News Desk : dhakamirror.com The ICC Cricket World Cup 2023 captures the attention of sports enthusiasts across the world and an intriguing trend is emerging in Bangladesh’s television market. While events of this magnitude have traditionally led to an increase in TV sales, recent figures from September show a 30% decline compared to the same ... Read more

Heritage volunteers visit Paharpur archaeological museum

News Desk : dhakamirror.com The heritage volunteers participating in UNESCO World Heritage Volunteers Programme 2023 visited Paharpur archaeological museum in Naogaon on Friday. The ten-day workshop programme organised by Nagar Upakhyan-Perceive started on October 1, said a press release. The Heritage volunteers’ team visited Paharpur archaeological museum which is on the UNESCO World Heritage tentative ... Read more

Child among three dead as mud walls collapsed in rain in Gazipur

News Desk : dhakamirror.com Three people including an eight-year-old child died in separate incidents of mud walls collapsing during heavy rain in Sadar and Kaliakoir upazilas of Gazipur. The deceased are Faridul Islam, 8, son of Matiur Rahmon of Konabari Baimile under Sadar upazila, and Imarat Hossain, 65, and his wife Achia Begum, 56, of ... Read more