Global inflation is expected to maintain a rising trend as prices of food and fuel are rising due to Russia-Ukraine conflict.
In the budget speech for fiscal year 2022-23finance minister AHM Mustafa Kamal said compared to May 2021, in May 2022 there has been 65 percent increase in fuel price, 114 percent increase in the price of urea fertilizer, 29 percent increase in soybean oil price, 85 percent increase in wheat price and 13 percent increase in sugar price.
“Due to these price escalations, several international research organisations forecasted global inflation,” he added.
He said based on the data released by FAO, the worldwide price of agricultural and food commodities increased in 2021, which may continue to rise in 2022.
The World Economic Outlook of the International Monetary Fund published in April 2022 forecasted 5.7 percent CPI inflation in the developed economies in 2022, which was 3.1 percent in 2021.
Among these economies, inflation in the USA would be 7.7 percent in 2022. On the other hand, inflation in the emerging and developing economies which was 5.9 percent in 2021, is expected to rise to 8.7 percent in 2022.
