How to overcome rising inflation

Skyrocketing inflation continues to hit people across the country, with the latest annual inflation figure reaching 9.69 per cent in July 2023. This is the highest inflation rate in Bangladesh since May 2011. There are a number of causes behind the rising inflation rate, including Russia-Ukraine war, the depreciation of taka against US dollar, the government's decision to increase fuel prices and the recent floods. The inflation problem is having a negative impact on our economy, making it more difficult for people to afford food, fuel, and other essentials. It is also making it more difficult for businesses to operate. The government has already taken some steps to address the inflation problem, such as increasing subsidies on food and fuel, importing daily essentials and providing loans to businesses. However, it is too early to say whether these measures will be enough to bring the inflation under control.

The inflation problem in Bangladesh is a complex issue, and there is no easy solution. However, the government and the people of our country need to work together to find ways to address this problem. It should be controlled through strategic planning. The use of domestic products should be encouraged instead of imports, investment in the production of essential commodities should be focused on instead of on the production of luxury goods, the agriculture sector should be given more subsidies, foreign investment encouraged as much as possible and other countries requested for financial assistance. If we take serious measures in a concerted manner against rising inflation, this problem can be overcome.

Md Raihan Shahriar Sifat,

Student of the Department of Accounting,

School of Business and Economics,

North South University, Dhaka,

raihansifat74@gmail.com