Inflation up amid price rises

Point-to-point inflation in March climbed highest in five months to 5.4% on the back of rising prices of some necessaries, according to official statistics. The Bangladesh Bureau of Statistics (BBS) data unveiled Tuesday showed the rate of inflation had been on a downturn since November 2016, but picked up last March again with the consumer price index (CPI) on both food and non-food items rising significantly. According to the BBS, the rate of point-to-point inflation was recorded higher in October 2016 at 5.57 per cent, which dropped to 5.38% in the following month of November, 5.03% in December 2016, 5.15% in January 2017 and 5.31% in February 2017. In January last year, the point-to-point inflation was recorded highest at 6.05% in 15 months, the national statistical body data showed.

Source:
http://print.thefinancialexpress-bd.com/2017/05/17/172661
http://www.thedailystar.net/business/food-inflation-almost-doubles-12-months-1406323
http://www.newagebd.net/article/15721/economists-puzzled-as-govt-stops-releasing-monthly-inflation-data

Economists puzzled as govt stops releasing monthly inflation data

The government has stopped releasing monthly inflation data since March, at a time when the prices of essential commodities started to rise, leaving economists puzzled. Instead, Bangladesh Bureau of Statistics has decided to release the data on a quarterly basis, said the government’s statistical body in a press release issued on Tuesday. Officials said that the BBS under the planning ministry took the decision being instructed by planning minister AHM Mustafa Kamal though the bureau is completely capable to produce the data in the first week of every month. Economists, however, described the decision as ‘outrageous’ and completely ‘unacceptable’. They also said that the decision would push back the country in generating and utilising quality data. The government should shun such culture of not releasing data whenever the data is not favorable, they said, adding that data should not be administered according to ‘likes and dislikes’ of a person. The BBS also released the quarterly consumer price index (CPI) for the first time in the country though earlier it would be published every month. According to the BBS data, point-to-point inflation in the third quarter (January 17-March 17) of the current fiscal year 2016-2017 declined to 5.28 per cent from that of 5.32 per cent in second quarter (October 16-December 16) though general inflation was rising in the country since January. BBS data showed that point-to-point inflation stood at 5.39 per cent in March which was 5.31 per cent and 5.15 per cent in February and January respectively.

Source: http://www.newagebd.net/article/15721/economists-puzzled-as-govt-stops-releasing-monthly-inflation-data

Executive Committee of the National Economic Council (ECNEC) approves BDT 27.2 billion projects

The government approved Tuesday eight development projects at a total cost of BDT 27.2 billion, officials said. The approval was given at a meeting of the Executive Committee of the National Economic Council (ECNEC) held in Dhaka with Prime Minister Sheikh Hasina in the chair. The projects include the “Information sister: Empowerment of women through ICT to build digital Bangladesh project-II” at a cost of BDT 5.5 billion. Emerging from the meeting, Planning Minister AHM Mustafa Kamal said the ECNEC approved the “Information sister: Empowerment of women through ICT to build Digital Bangladesh project-II at a cost of BDT 5.5 billion.

Source: http://print.thefinancialexpress-bd.com/2017/05/17/172667

Bangladesh Petroleum Corporation (BPC) starts duty-free import of furnace oil

The Bangladesh Petroleum Corporation (BPC), for the first time, has stopped paying duties and taxes on import of furnace oil from the international market following assurance from the revenue board, officials said. The state-run corporation recently imported a cargo carrying 20,000 tons of furnace oil from an overseas supplier and subsequently wrote to the National Board of Revenue (NBR) for issuing a formal letter over import duty waiver, BPC’s director for operations and planning Sayed Mohammad Mozammel Haque told the FE Tuesday.

Source: http://print.thefinancialexpress-bd.com/2017/05/17/172656

Purnava Ltd, a subsidiary of Renata Ltd, brings natural sugar substitute

Purnava Limited, a subsidiary of Renata Ltd, manufacturer of non-medicated preventive healthcare products, has brought natural substitute of sugar – CHINI GO – in the market for health conscious consumers of the country. The sugar substitute is safe for all types of consumers including vegetarians, pregnant women and diabetics. This will minimise regular consumption of synthetic and artificial sweeteners – saccharin, aspartame and sucralose, said a press release issued recently. Synthetic sugar can be carcinogenic to humans and unsafe for human consumption in various ways like gastric, migraine, weight gain, blurred vision, allergic reaction, etc. The consumption of sugar substitute – CHINI GO – will considerably reduce the impact of diseases in the years to come, added the release. Purnava has brought the natural sweetener with zero calories, zero carb, zero GI produced in South America which is widely used by consumers in Japan and North America.

Source: http://www.dhakatribune.com/business/2017/05/17/purnava-brings-natural-sugar-substitute/

Telenor shuts down ekhanei.com

Telenor, the parent company of Grameenphone, is winding down ekhanei.com today as it could not transform the online classifieds site into a sustainable and profitable business. “The decision to close down ekhanei.com was not an easy one,” Atle Lessum, a vice-president of Telenor Group, told The Daily Star yesterday. Bangladesh’s online classifieds market is yet to develop in line with the Norwegian company’s expectation, according to the group. Telenor’s partners in ekhanei.com namely Schibsted and Naspers have agreed with the decision.

Source:
http://www.thedailystar.net/business/telenor-shuts-down-ekhaneicom-1406317
http://www.newagebd.net/article/15723/ekhaneicom-winds-up-operation

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