Govt didn’t distort inflation data: Khosru

Finance Minister Amir Khosru Mahmud Chowdhury yesterday denied allegations of data manipulation in the latest inflation figures, saying the decline in inflation in July was primarily driven by lower rice and meat prices.

“This government will by no means distort information. Rather, we want to re-examine past statistical errors or misleading data presented to the public and work based on accurate facts,” he said.

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“Having correct data is crucial for the government, as policy will be formulated based on those numbers,” he added.

The minister was responding to reporters’ questions about inflation data and why people do not believe it at the closing ceremony of a three-day conference on the Sustainable Development Goals (SDGs) at the Bangladesh-China Friendship Conference Centre in Dhaka.

He said the government had verified the decline in rice and meat prices, as well as the format and methodology used to calculate the newly released inflation figures.

Authorities are also examining other factors that contributed to the decline, he added.

The Bangladesh Bureau of Statistics (BBS) on August 11 reported that inflation fell to 8.32 percent in July, its lowest level in eight months.

At the same event, State Minister for Planning Zonayed Abdur Rahim Saki said the government would hold a detailed briefing for journalists on how inflation is calculated.

“The entire process will be presented to you, along with the government’s role in ensuring data reliability,” Saki said.

He also said the country faces an investment deficit of over $421 billion (Tk 50 lakh crore) to achieve its SDGs.

Meanwhile, speaking on the creative economy, Khosru said under the initiative, artisans producing local products such as pottery will be provided with design, branding and marketing support to help them access global platforms such as Amazon and Alibaba.

Addressing the country’s financing gap, he said traditional public financing alone would not be sufficient.

“The global public finance architecture is evolving, which is why we are pursuing alternative financing. Foreign fund managers are entering the capital market, and various financial instruments, including bonds, have been introduced to help bridge the gap,” he said.

He added that the government was working to increase the country’s debt-to-GDP ratio to secure the funding needed for development.