The inflation rate in Bangladesh increased to 9.89% in May from 9.74% in April, reaching its highest level in seven months, the Bangladesh Bureau of Statistics reported on June 3.

The last time inflation was this high was in October of last year, when it stood at 9.93%.

Food inflation rose by 54 basis points to 10.76% in May from 10.22% in April, while non-food inflation fell by 15 basis points to 9.19% from 9.34% in April.

Food inflation has remained in double digits for the past two months. In November of last year, it was 10.76%, dropping below 10% in December.

In March, the actual food inflation rate in Bangladesh was 15%, significantly higher than the 9.87% reported by the BBS, according to Binayak Sen, Director General of the Bangladesh Institute of Development Studies (BIDS).

The government initially set the inflation target for the current fiscal year 2023-24 at 6.5%, later revising it to 7.5%.

On May 5, State Minister for Finance Waseqa Ayesha Khan expressed optimism in parliament that inflation would decrease to the government-set target of 7.5% by the end of the fiscal year, highlighting a positive outlook for the nation's economic trajectory.