Government to modernize CPI and GDP calculation methodologies transparently.
State Minister for Planning Zonayed Abdur Rahim Saki today said that the government will form two specialized technical committees to review and modernize the methodologies used in calculating the Consumer Price Index (CPI) and Gross Domestic Product (GDP).
"The government has a democratic and humanitarian responsibility to present the real picture of the economy to the people," he said.
The state minister made the remarks while speaking to reporters after attending an exchange meeting at the conference room of the Bangladesh Bureau of Statistics (BBS) in the capital.
The meeting, attended by economists, researchers, academics, business representatives and government officials, focused on streamlining the preparation and publication of major national economic indicators and strengthening public confidence in official statistics.
In his speech, Zonayed Saki stressed the importance of ensuring accuracy, transparency and reliability in the compilation and dissemination of national economic statistics.
He said that the proposed committees would recommend updated methodologies in line with international standards and help improve the reliability of key economic indicators used in policymaking and development planning.
One committee will review the methodology used to calculate the CPI, a key measure of inflation, while the other will examine GDP estimation procedures, including the quality and reliability of secondary data collected from various institutions, he added.
The state minister said the government would also revisit past statistical data to identify possible inconsistencies and restore public confidence in official figures.
"We want to know where distortions occurred and ensure that future statistics accurately represent ground realities," he added.
During the meeting, participants discussed four major economic indicators regularly prepared and published by the BBS - the CPI, inflation, the Wage Rate Index (WRI), and GDP.
They reviewed the methodologies used in compiling these indicators and explored ways to enhance the quality, consistency and transparency of statistical reporting.
Zonayed Saki noted that accurate inflation data is essential for assessing the effectiveness of government measures aimed at easing price pressures and achieving the target of reducing inflation to 7.5 percent from the current 9.42 percent.
He also emphasized the need to adopt modern statistical practices, including greater use of real-time data collection and stronger collaboration with universities and research institutions.
The meeting highlighted the importance of maintaining internationally accepted standards in the collection, analysis and dissemination of economic data to ensure credibility and support evidence-based policymaking.
Officials of the Ministry of Planning, BBS and other stakeholders attended the discussion.
