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The US Federal Reserve and European Central Bank raised rates to combat high inflation last year and this year. In contrast, Bangladesh's central bank opted for a more measured approach in its monetary policy.
In August, low-skilled workers saw their wages rise by 7.58%, trailing 2.34 percentage points behind the 9.92% inflation rate, according to Bangladesh Bureau of Statistics (BBS) data. This wage-inflation gap has persisted for 19 months.
Although wage growth in Bangladesh has been slowly climbing since July 2021, it has remained below the inflation rate for the past 18 months consecutively, according to the Bangladesh Bureau of Statistics (BBS).
The gap between inflation and the wage rate growth in Bangladesh rose to a nine-month high in May, deepening the cost-of-living crisis for the poor and the low-income groups as consumer prices continue to outpace real incomes.