War fallout: Khosru warns of looming commodity price hike

Finance and Planning Minister Amir Khosru Mahmud Chowdhury on Sunday warned that prices of essential commodities are set to rise in Bangladesh in the coming days due to ongoing global supply chain disruptions triggered by the Middle East conflict.

"Due to the supply chain crisis, not only fuel but other commodities will also get pricier in Bangladesh," he told reporters after a National Multi-Stakeholder Consultation Workshop on LDC graduation preparedness at the Planning Ministry in Sher-e-Bangla Nagar.

Noting that this is not a problem affecting only Bangladesh but a global challenge, the minister said the ongoing energy crisis is already casting an adverse shadow over the national economy. "The prices of food items will go up as a consequence of this crisis."

He also acknowledged the growing fiscal pressure on the government, pointing out that while other countries have significantly raised fuel prices, Bangladesh has refrained from doing so - a decision, which is straining state funds.

"How long we can keep fuel prices unchanged is difficult to say with certainty. We are purchasing fuel using state treasury funds, which will ultimately be a loss for the people," the minister said, adding that any decision on fuel pricing will be taken with public welfare as the foremost consideration.

On the question of LDC graduation, he ruled out any immediate move in that direction, stating that the BNP government has been working in line with its electoral manifesto to strengthen the economy.

Bangladesh, Khosru emphasised, will consider LDC graduation only after achieving adequate economic preparedness.