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Introduction

Inflation means the decrease of purchasing capacity of the unit of currency of a certain country
over the time. Every country has to face and deal with the inflation rate. Government of a
country has to take a policy in such a way so that inflation must be balanced in the economy. But
higher inflation causes trouble in many aspect in the economy. But the factors which has been
affecting inflation rate are dynamic and various due to its nature of how it impacts in the
economy. This report has been prepared to analyze which factors has affected the inflation rate in
Bangladesh. It is found that growth of money supply, increase in public expenditure, nominal
exchange rate, and cheap monetary policy, fuel price, political instability, and increase in tax
rate, black money, salary and wage increase, increase in export are one of the main factors which
is responsible of occurring higher inflation in Bangladesh.

Inflation Rate in Bangladesh is expected to be 5.70 percent by the end of this quarter, according
to Trading Economics global macro models and analysts’ expectations.In the long-term,
the Bangladesh Inflation Rate is projected to trend around 6.50 percent in 2020, according to our
econometric models.

Bangladesh has been facing higher inflation over the decades. It has been a problem to the
economy. Government of Bangladesh has been trying to resolve the problem. But before going
to solution it is required to know what factors has been working behind higher inflation rate in
Bangladesh. As factors are dynamic and various the current determinants and factors has been
taken to complete the discussion.

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Literature Review

The relationship between inflation and growth remains a controversial one in both theory and
empirical findings. Originating in the Latin American context in the 1950s, the issue has
generated an enduring debate between structuralisms and monetarists. The structuralisms believe
that inflation is essential for economic growth, whereas the monetarists see inflation as
detrimental to economic progress. There are two aspects to this debate: (a) the nature of the
relationship if one exists and (b) the direction of causality. [ CITATION Fri73 \l 1033 ] Succinctly
summarized the inconclusive nature of the relationship between inflation and economic growth
as follows:

“Historically, all possible combinations have occurred: inflation with and without development,
no inflation with and without development”.

To establish any meaningful relationship between inflation and economic growth. Its involving
70 countries (of which 48 are developing economies) for the period 1960-1989 found no causal
relationship between inflation and economic growth in 40 percent of the countries; they reported
bidirectional causality in about 20 percent of countries and a unidirectional (either inflation to
growth or vice versa) relationship in the rest[ CITATION Sin03 \l 1033 ] . More interestingly, the
relationship was found to be positive in some cases, but negative in others. Recent cross-
country studies of [ CITATION Fis93 \l 1033 ] show that inflation affecting economic growth
negatively include. They found a very small negative impact of inflation on growth [ CITATION
Fis93 \l 1033 ].

Although the relationships among inflation, output growth, inflation uncertainty and
output uncertainty have been investigated extensively in the empirical literature for developed
countries [ CITATION Gri98 \l 1033 ] examined the relationship between inflation and output growth
in Hungary and Poland, and found that inflation affects growth negatively in both countries.
They also found a robust negative effect of inflation on growth in a panel of 13 transition
countries[ CITATION Erk08 \l 1033 ] . They studied the sources of inflation and output movements in
Poland and Hungary, and found that monetary shocks affect output in Hungary, while supply
shocks dominate output movements in Poland[ CITATION Dib05 \l 1033 ].

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Study examined the relationship between inflation and inflation uncertainty in Serbia, and
concluded that high inflation invokes high uncertainty, while high uncertainty negatively affects
average level of inflation in the long run[ CITATION Mla07 \l 1033 ]. He studied the inflation and
inflation uncertainty relationship for 12 emerging economies including Hungary, and found that
there is positive bidirectional causality between inflation and inflation uncertainty in the case of
Hungary[ CITATION kmT03 \l 1033 ].They investigated the linkage between inflation and inflation
uncertainty in seven former Soviet Union countries [ CITATION Erk08 \l 1033 ]. They found that
inflation rate increases uncertainty in three countries (Azerbaijan, Russia, and Ukraine) while
uncertainty increases average inflation in Kyrgyzstan and Russia, but reduces it in Azerbaijan.
Finally, study provide strong evidence on negative effect of transition specific uncertainties on
economic growth for a panel of 22 transition countries. We will focus on macroeconomic factors
(transportation cost, oil price, food production, political stability etc) that might cause inflation.

Although many cross-sectional studies have been carried out to establish the exact relationship
between growth and inflation, very few studies have been conducted for Bangladesh. They
examined the inflation-growth relationship for four South Asian countries (Bangladesh, India,
Pakistan and Sri Lanka) for the period 1974–97[ CITATION Mal07 \l 1033 ] . They found a positive
relation between inflation and growth rates with no structural break for the four countries. On the
other hand, [CITATION Ban11 \l 1033 ] have estimated a non-linear relationship and discovered
structural breaks for many developing countries including Bangladesh. These varied findings,
therefore, deserve further investigation for policy implications.

Inflation Scenario in Bangladesh

Experience of high inflation is not new in Bangladesh. The country experienced a significant
rise in the inflation rate in the recent past. The table 1 and accompanying graph (figure 1) in
summarize the inflation scenario of Bangladesh for the last decade.

Table 1: General, Food & Non-food Inflation Rate in Bangladesh during FY 2001 to
FY2011

Year General (%) Food (%) Non-food (%)


Point-to-point Monthly Moving Monthly Moving Monthly Moving
Average Average Average
2000 - 1.94 1.39 3.04

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2001 - 2.79 1.63 4.61
2002 3.58 2.79 1.63 4.61
2003 5.03 4.38 3.46 5.66
2004 5.64 5.83 6.92 4.37
2005 7.35 6.48 7.91 4.33
2006 7.54 7.16 7.76 6.40
2007 9.20 7.20 8.11 5.90
2008 10.16 10.06 11.43 7.35
2009 4.60 5.51 7.9 4.2
2010 7.61 7.52 9.9 3.9
2011 11.91 9.76 13.90 4.32
Source: Bangladesh Bureau of Statistics

In Bangladesh, the average inflation in FY 2000 was 1.94% while it is found 9.76% in FY 2011.
But during these years changes in inflation did not follow any monotonic pattern. Bangladesh
faces a tougher challenge in bringing down this burgeoning inflation. The latest Bangladesh
Bureau of Statistics (BBS) data shows that inflation had increased to 11.97 % (on point-to-point
or monthly count) in September, 2012, the highest in 10 years. Food inflation, which was 12.7
per cent in August, had increased to 13.90 % in September while food inflation in urban areas
had increased to 14.69 % in the same month from 12.94 % in August.

The rate of inflation is higher in the food sector than in the non-food sector. Despite that, the
non-food sector is not lagging behind in the rate of increase. From the above figure, it is visible
that within the span of one year, inflation in the sector increased by seven times.
Side by side with the prices of food items, house rent, transport cost, and expenditure on
clothing and shoes have also increased. As a result, the people are passing their days amid
hardship. Additional money is going out of their pockets on a static income. The government in
the budget for the current financial year had a plan to keep inflation at 7.5 per cent but it has
cross the limit. Usually a rise in the food price always increases the prices of other goods. When
expenditure increases on purchasing food items, the prices of other goods are also raised in a
race with that. When the price of food increases, it also pushes up the house rent. Side by side
with that, the prices of shoes and other goods will also be increased. As a result, the prices of
non-food items will rise at an abnormal rate.

Causes of Inflation in Recent Context in Bangladesh

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Both internal and external factors have contributed to the current inflation in Bangladesh. As
Bangladesh is not self-sufficient in terms of production of all food items, the country depends on
external markets for cereals (particularly wheat and rice), pulse, edible oil, milk-products and
other essentials. In 2005-06, the country produced 31.45 million metric ton (MMT) food grain
whereas it imported 2.56 MMT cereals. Apart from these food items, Bangladesh sources
petroleum products and metals from international markets. Though Bangladesh has a sizeable
amount of natural gas, the country produces only 10 percent of its oil consumption. It depends on
international markets for oil and other petroleum products[ CITATION Fri73 \l 1033 ].

Internally, despite the fact that food production in Bangladesh has increased substantially over
the years, it hardly matches the demand, which remains steady largely owing to the country’s
growing population. In recent years, rice production in the country remains stagnant except for
the Boro high yielding variety rice. The production of wheat in Bangladesh has declined
drastically over the years. Further, except for the Boro, the areas of rice cultivation have
declined in recent years. The production of pulses and oilseeds has also declined significantly;
however, vegetable production has shown an increasing trend. Crop failures due to erratic
weather often create food shortages in Bangladesh. As the net domestic production of food is not
sufficient to meet demand, the demand-supply gap of cereals, edible oil and other food items
are imported from external markets[CITATION Ban11 \l 1033 ].

Scarcity of natural resources has been increasing over the time. Not only Bangladesh has been
facing it, but also every country has to deal with it. Oil, petroleum, gasoline, diesel price has
been increased. As it is very much required for the production, it is related with the cost of
product. If the production cost increases, the price of products also increases. Our production
system is going to capital intensive. So increase fuel would be more vulnerable to accelerate the
inflation rate.

In Bangladesh, market mechanism is highly distorted. He argued that the gap between retail and
wholesale market prices is substantial and it is widely believed that a group of traders control the
markets through syndication [ CITATION Mar08 \l 1033 ]. In order to break the monopoly of the
commodity traders and unscrupulous businessmen who are engaged in hoarding activities, the
current government has taken some stern actions. However, some of its measures have proven to
be countervailing and indeed instigated the price hike. The drive against the so-called

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unscrupulous business people has greatly handicapped the commodity imports. Consequently,
there has been a supply side constraint in the food grain market. Moreover, a sharp depreciation
of the BDT vis-à-vis the USD in recent years and the excess supply of money in the market are
also believed to heighten the inflationary pressures. A few factors have instigated the global
commodity boom.

Firstly, the demand for primary commodities has increased tremendously from major emerging
economies, notably from China. Historically, no country has played bigger role than China in
increasing the prices of primary commodities.

Secondly, petrol tanks are competing with human stomachs, as more and more staple foods and
oil seeds are being channeled toward bio-fuel and bio-diesel production. The development of
bio-fuel is not only increasing the prices of the agriculture inputs that are used for ethanol and
bio-diesel, it also keeping pressures on other agriculture produces due to the substitution
effects. Consequently, such developments have been costing higher food bill to net commodity
importing countries.

Thirdly, crop failures due to bad weather in some parts of the world have also caused the
increase in cereals prices. Scientists believe that global warming is also playing a part in
changing the global weather patterns and the agricultural sector is closely linked to climate
change.

Fourthly, oil price hike in recent years is widely blamed for supply disruptions in the Middle
East and the Gulf of Mexico, geo-politics, rise in demand (notably from emerging markets), and
slides in the USD, inter alia.

Fifthly, increasing transportation cost (due to oil price hike) is also playing a part in raising the
prices of essential goods. The ban on exports of some essentials such as rice, wheat, lentil and
onion by neighboring India has forced Bangladesh to procure these products from other parts of
the world. The ocean freight rates for grains has increased more than hundred percent since
2005-06 [ CITATION Mla07 \l 1033 ]. The higher energy cost also increased the domestic
distribution cost of commodities.

Apart from all these reasons, labor cost, information asymmetry, political unrest, dislocation in
market structure due to anti-corruption drives are responsible from recent price hike. High

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interest rate is also responsible for price hike as production is increasing. Bangladesh
government is borrowing from commercial banks excessively. Bangladesh’s government
borrowed about $700 million from commercial banks in July and August, the first two months of
the new fiscal year, the central bank said on October 1st. It will put private sector in open
competition with government. It will raise the interest rate as well as price level. Moreover
government is heavily borrowing from central and central bank is forced to print money, which
will also create inflation. Specially, Excess subsidy in quick rental power plant (energy sector)
forces government toward budget deficit and mismanagement in overall economic coordination.

Current inflation positon in Bangladesh

Bangladesh inflation rate eased to 5.47 percent in October of 2019 from 5.54 percent in the
previous month. It was the lowest inflation since February, as non-food products cost slowed
(5.45 percent vs 5.92 percent in September). In contrast, food prices advanced faster (5.49
percent vs 5.30 percent). The inflation rates for rural and urban areas were 5.36 percent and 5.67
percent, compared with September's figures of 5.41 percent and 5.80 percent respectively. On a
monthly basis, consumer prices rose 0.51 percent, following a 1.85 percent in the previous
month. Inflation Rate in Bangladesh averaged 6.51 percent from 1994 until 2019, reaching an

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all-time high of 16 percent in September of 2011 and a record low of -0.03 percent in December
of 1996.

Bangladesh Inflation Rate


In Bangladesh, the most important categories in the consumer price index are food, non-
alcoholic beverages and tobacco (59 percent of the total weight) and gross rent, fuel and lighting
(16.9 percent). The index also includes: clothing and footwear (6.9 percent); transport and
communication (4.2 percent), recreation, entertainment, education & cultural services (4.1
percent); miscellaneous goods and services (3.6 percent); medical care and health expenses (2.8
percent) and furnishing (2.7 percent). This page provides the latest reported value for -
Bangladesh Inflation Rate - plus previous releases, historical high and low, short-term forecast
and long-term prediction, economic calendar, survey consensus and news. Bangladesh Inflation
Rate - actual data, historical chart and calendar of releases - was last updated on December of
2019.

Probable Risk and Challenges

Inflation risk, also called purchasing power risk, is the chance that the cash flows from
an investment won't be worth as much in the future because of changes in purchasing power due
to inflation.

Although the record inflation of the 1970s is history, inflation risk is still a common worry
for income investors. Inflation causes money to lose value, and any investment that
involves cash flows over time is exposed to this inflation risk. The ramifications of this can be
serious: The investor earns a lower return that he or she originally expected, in some cases
causing the investor to withdraw some of a portfolio's principal if he or she is dependent on it for
income.
It is important to note that inflation risk isn't the risk that there will be inflation, it is the risk that
inflation will be higher than expected. This is one reason investors and analysts speculate
considerably about inflation rates and study indicators such as the yield curve to get a feel for
where inflation rates are headed. For example, many economists believe that a steep normal yield
curve means investors expect higher future inflation and a sharply inverted yield curve means
investors expect lower inflation.

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Being able to identify and manage financial risks is a very important responsibility for all
individuals and business owners. One financial risk that many people underestimate is the risk
associated with inflation. While inflation tends to devalue your money over time, there are steps
that can be followed to help manage this risk.

Mitigating Inflation Risk

Some investments are better at mitigating inflation rask than others. Obviously any fixed rate
investment such as bonds, money-market funds, CD’s, bank deposits, etc are all very poor at
mitigating inflation risk. On the other hand, some investment vehicles like Inflation Indexed
Bonds are supposed to be designed to perform better. Rental property in most locations will
allow you to “raise rents” to mitigate inflation risks, stocks generally increase more than inflation
because the companies can increase their prices to cover increasing costs. Commodity based
businesses like oil companies are also fairly immune to inflation but can be subject to other risks
such as geo-political risks and general economic malaise.

Invest in Cash Flow

When you are looking to manage your inflation risk, one option is to consider investing in cash
flow. When you make investments in entities that will provide you with regular cash flow, you
will have the ability to see this cash flow increase when the inflation rate increases. Cash flow
from strong entities tends to offset inflation risk and will help to keep your money valuable in the
future.

Manage Your Credit Risk

Another way that you can manage your financial risk is by managing your credit risk. If you are
lending money to individuals or businesses, or simply giving them good repayment terms, you
are taking on both credit risk and inflation risk. The longer that their debt is outstanding, the
more risk you are taking on in terms of inflation. One way to manage this risk is through
an accounts receivable risk analysis service such as Credit Risk Monitor that will help you to
identify credit risks and create a strategy to mitigate this risk.

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Charge Interest or Fees

If you are concerned about the inflation risk you are taking on when you lend money or give
attractive repayment terms, another option would be to charge interest or late payment fees.
When money owed you is outstanding for too long, that money is slowly declining in value so
during times of high inflation a clause is often added to loans to adjust for inflation. Typically
that is based on the CPI-U or Consumer Price Index for All Urban Consumers.

Invest in Inflation Resistant Commodities

When you are developing a strategy to manage inflation risk, you should consider investing in
inflation-resistant commodities. Investing your capital in gold, oil, and other Commodities can
be a good idea as these tend to increase in value when inflation increases. This will allow you to
hedge against the risks that come with inflation increases.

Diversify

One key strategy in risk prevention is exemplified by the old saying “don’t put all your eggs in
one basket”. By diversifying across a variety of different asset classes you can minimize your
inflation risk. So in addition to commodities, stocks, and inflation indexed bonds, and real estate
you can hold some assets that are denominated in different currencies. Since each currency is
subject to different inflationary pressures based on their own country’s monetary policy they
inflate at different rates so if you hold “stronger” currencies they will appreciate against your
home currency thus providing protection against a loss of purchasing power.

Due to the serious cost associated with inflation, finding good ways to hedge against it is
extremely important. Fortunately, there are strategies that can help any individual or company to
hedge against their inflation risk.

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Inflation are Challenges for Planners

Interest rates affect your life regardless of whether you are borrowing or not. Not only are they
the cost of acquiring or using money, but they are also used as a powerful tool in controlling the
pace of the economy and other major indicators within it.

The repo rate is controlled by the Reserve Bank and is the benchmark rate that commercial banks
pay when borrowing from the central bank. It is 3.5 percentage points lower than, and directly
affects, the prime rate, which is the benchmark annual rate that commercial banks charge
consumers and businesses. Interest rates affect us directly as soon as we need to borrow money
or spend on credit because they are the expense we pay for using money we don’t have.

There is another indirect dynamic affecting our lives. Ideally, the government and Reserve Bank
want to promote high levels of spending and economic growth. However, if spending and
demand exceed the ability of suppliers to increase their production at the same pace, it will result
in too much money chasing too few goods and prices across the economy will rise.

To combat this, the central bank traditionally uses interest rates to bring inflation (the rising of
prices) under control. It increases the repo rate, causing commercial banks to increase their rates
and the demand for borrowing to decrease. Consumers and businesses spend less and the average
level of demand for goods in the economy drops. This means that every person involved in
selling a product or service is likely to see a dip in their profit.

Inflation targeting therefore limits short-term growth in the economy and this is the reason labour
unions such as Coast are strong opponents of the policy.

In recent times, the Reserve Bank has sought other methods of keeping inflation under control
without choking the economy with high interest rates.

One way of doing this is to allow the rand to strengthen against the currencies of South Africa’s
main import sources. A large proportion of local consumption is made up of imported
components – for example, oil – and when the rand is stronger, these goods are relatively
cheaper.

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Effects on FDI

Foreign investors are interested to invest those countries where the rate of return is high and
gives the optimal interest rate on the investment. But if the country has higher inflation rate, the
profit will be reduced due to the adjustment of inflation rate. So investors from foreign land are
discouraged to invest those countries where inflation is higher. Sometimes even though the
company makes profit it would make it loss while transferring to the parent country.

Real Income falls

If the firm cannot cope up with raw material cost, the overhead cost and other fixed cost, they
have to cut real wages for surviving in the market. The real income of employees have to be cut
to survive into the market.

Negative real Interest: If the inflation rate is more than interest rate on savings account the return
will be less than the savings account. This accelerates the motive of consumption. So people will
consume more and the demand will be increased as the supply remains constant. There would be
a crisis in economy as the prices of products rises up tremendously.

Cost of borrowing

As inflation rises in the economy, it affects every sector in the economy. And financial
institutions and banks are among them who are affected largely on the increase in inflation rate.
So the financial institutions and banks increase the interest rate on lending and borrowings to
survive in the market. So the cost of borrowing increases due to inflation rate.

Business Uncertainty

High and volatile inflation is not effective for risk takers because they cannot be certain of what
their costs and prices are likely to be. This uncertainty might lead to a lower level of capital
investment spending.

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Recommendations

The economy of Bangladesh has been developed due to the progress in textile and garment
exports. Emerging sources of foreign exchange and economic growth are remittances, natural
gas, shipbuilding and seafood, as well as information communications and pharmaceuticals. But
due to the high inflation rate the progress has been hampered. Inflation has been playing a
negative role in our economy for decades. The purchasing pattern, investment, infrastructure and
other development work have been affected due to inflation rate.

Another thing is that impact of inflation is not same for everyone. It varies from one to one. It
varies from occupation to occupation. For say, in case of debtors and creditors, impact of
inflation rate will not be same for them. Debtors gain and creditors lose during periods of rising
prices Bangladesh is facing higher inflation rate for decades.

Government has been trying to reduce it through taking policy that is expected to reduce the
inflation rate from the level of what is now. But it will not be an easy task. Because the factors
affecting inflation rate are many numbers of which can be acted in a different way. But if there is
political instability and proper management by the authority, inflation rate can be decreased.
Otherwise, people in general and investors will not take decisions in monetary situations due to
the uncertainty caused by the inflations. It is mandatory for government to concern about the
higher inflation rate and need to take proper monetary policy so that inflation rate will be
reduced.

Government has to balance inflation rate otherwise it would be difficult to cope up with the
competition in world market.

 The policy makers have to keep a sharp eye on cost behavior in the relevant periods.
 Cutting down indirect tax on commodities may help to reduce inflation pressures
temporarily.
 Bangladesh Bank can take over some responsibilities such as monitoring modalities of
L/C (Letter of Credit) operation so that market forces determine the exchange rate in a
process that remains free from speculative transactions.
 Government can effectively use its legal power to break up the market syndication and
thus improve competitiveness of the distribution network.

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 Bangladesh Bank can reduce the duration of loan given against L/C opened for importing
essential consumer goods.
 Government should pass “Consumer Rights Protection” than consumers will be able to
seek legal protection against charging of irrational price of essentials by the sellers.
 Commodity price also rice by creating artificial crisis, hoarding, obstructing goods
transportation, taking money by cheating in the name of providing services. These illegal
activities should be stopped as early as possible. Government should introduce
commodity exchange market that can forecast future demand.
 Increases supply of essential commodities (rice, wheat, and lentil) with no or least tariff
and efficient intermediation.

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Conclusion

The current inflation in Bangladesh could not be explained solely on the economic numbers and
graphs as some non-economic factors (drive against corruption, market distortions, low business
confidence, political uncertainties, etc.) have also contributed to the price hike. So, the concerned
authorities should take into account all these factors when they formulate policies to check
inflation. To maintain price stability, the government must work on both economic and non-
economic factors that have instigated the ongoing inflation.

Going forward, we cannot say anything about where food inflation will stand. Supply
shocks may be mitigated abroad; there may be good yields locally and abroad or bad weather
may take its toll in areas not yet affected – as with food inflation in general, predictions are close
to impossible. The researchers focus on the idea that, food security should be a major concern for
the Bangladesh Government, and some efforts by the Central Bank and the Government in
taking policy actions in agriculture, aimed at attaining food sufficiency.

The same, however, is not true for non-food inflation. First of all, we are to see power tariff hikes
proposed by the Government starting from 2011. As per the plan, electricity prices will go up by
25% per year. Secondly, the crisis in the middle-east has made the world shaky about crude oil
prices which are rising rapidly. Hence, non-food inflation, which has been slow, is likely to start
creeping up soon. The BDT-US$ exchange rate has been depreciating steadily for some time
now, reaching a record high of BDT 72.70 per USD in January 2011. This is also concerning for
the nature of the food inflation that Bangladesh are currently experiencing. As a case study, the
researchers can refer to Pakistan, where in early 2008 high global food and energy prices were
worsened by large depreciation in the Pakistani rupee, thus increasing import bills. At that time,
many Asian economies succeeded in mitigating such imported inflation through appreciating
their currencies. The point here is that a further depreciation of the BDT could lead to additional
cost push inflation for Bangladesh, as it had for Pakistan earlier. Finally the researchers conclude
that in all probabilities inflation seems to be rising. It will depend on global food production and
unrest in the Middle East.

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References
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Dibooglu and Kutan . (2005). Equaibrium of Inflation and deflations. Journal of Macro Economic, 87-98.

Erkam, S. and T. Çavusoglu . (2008). “Modelling Inflation Uncertainty in Transition Economies. The Case
of Russia and the Former Soviet Republics.” Economic Annals,, 53, 48-71.

Fischer,Barro & Bruno . (1993). Inflation rate domestically increased. International affirs of inflation, 21-
23.

Friedman. (1973). Effect of Inflation rate in Economy. International Economic journal, 72-91.

Grier and Perry & Davis and Kanago, . (1998). Foundation of inflation rate growth. Journal of Cmbridge
Business School, 149-173.

k, m. T. (2003). The Inflation-Growth in USA. “ An Empirical Study”, Journal of Policy Modeling, 96-171.

Malik & Chowdhudy. (2007). Inflation Cases of Bangladesh. Modern Economic model, 76-83.

Martin. (2008). Both internal and external factors have contributed . the current inflation of world, 56-
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Mladenovic, Z. . (2007). Relationship between Inflation and Inflation Uncertainty: . The Case of Serbia.
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Singh, K. and K. Kalirajan. (2003). The Inflation-Growth Nexus in India: An Empirical Study”, . Journal of
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