Government's statistical agency jumpstarts updating work as the International Monetary Fund suggests recasting the consumer price index (CPI) and calculating quarterly GDP data under its lending terms, officials said.
In response to the IMF suggestions, the Bangladesh Bureau of Statistics agreed and informed the visiting team of the global lender that it is on track on both the issues and has already advanced with the reforms, BBS Director-General (DG) Matiur Rahman said after their meeting Tuesday in Dhaka.
The IMF delegation met the BBS high officials for a review of the progress on its reform recommendations packaged in the deal on the assured US$4.7-billion loan Bangladesh sought amid stresses on the country's foreign-exchange reserves.
The statistical agency informed the team that it had already decided to prepare and release quarterly reports on the country's gross domestic product (GDP) from late 2024, said DG.
"We have also started compiling the date on increased prices of food and non-food items for preparing the consumer price index from the upcoming months," Mr Rahman said.
Besides, he added, the BBS has finished compiling all necessary data related to the country's GDP over time spanning 50 years since independence.
"We are working as per the directives issued by the Finance Division which is realising guidelines set by the IMF," he said.
"We have also informed the IMF about updating our CPI. Under a total of 12 categories, we have not identified 722 food and non-food items instead of 412 items earlier under eight categories for preparing the CPI," the DG said.
The updated list has been in effect since April although initial plans were for the month of July.
The BBS usually prepares the CPI monthly on a point-to-point basis and 12-month average taking month-long prices of 412 food and non-food-related products.
Since many fresh products in Bangladesh have already emerged as essential and daily necessaries for the consumers, the bureau has taken the initiative to increase its product basket for estimating the CPI-in order for presenting a true picture of price indices and inflation rating.
Economists and analysts at home have long been skeptical about data on inflation in the wake of price spirals and also about GDP calculation and they have also called for a recast of both the indices of consumer prices and economic growth.
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