Impact of inflation on economy

2023

Impact of inflation on economy

Entry type: Single project

Country/area: Bangladesh

Publishing organisation: The Financial Express

Organisation size: Big

Publication date: 2022-09-20

Language: English

Authors: Moslem Uddin Ahmed,
news consultant.
The Financial Express

Shamsul Huq Zahid.
Editor
The Financial Express

Biography:

I, have been working as a reporter in Dhaka since 2005. I am currently a Special Correspondent at The Financial Express newspaper. Digging out reports through scrutinising different public and international laws has been a passion of mine. I work on issues of public interest, focusing on public finance and trade matters.

I won the best reporting award introduced by the National Board of Revenue, Bangladesh and Economic Reporters Forum (ERF). I have also secured two fellowships of Washington-based National Press Foundation (NPF) on International Trade and Global Investigative Jornalists Network (GIJN).

Project description:

My project was a five part serires news on impact of inflation on economy of Bangladesh published from September 20 to 24, 2022. Growing inflation due to Russia-Ukrain war has fueled the commodity prices in global market. Vast majoritites in Bangladesh, like other countrires, faced job cut or reduced job opening, compromised health care cost, forced to send children to vulnarable works. Inflation also triggered income inequality. Also, a large number of urban centric people are going back to villages being crippled with high living cost in the city. The serires described these with several case studites and data analysis.

Impact reached:

after publishing the news, central bank has used its monetary policy to curb inflation. It has revised some of its key rates upward and imposed restrictions on import of less important goods to ease mounting pressure on foreign exchange reserve. The government also strengthen market monitoring using its relevant institutions including competition commission, Tarriff Commission, Directorate of Consumers’ Rights. Market syndicate is one of the major reson of price manipulation of essential commoditites in Bangladesh.

The news on inflationary impact on healthcare services and chid labour helped to raise awareness. There were a number of suggestions and recomendations from expert groups to minimise the sufferiing of common people due to price hike of essential commodities. Expert groups and law makers considered the suggestions effective and implentable.

The project helped to policymakers and civil societies to identify the sufferings of the vast majority due to skyrocketing prices of commodity. After publishing the news, the government has taken a number of steps including tax cut of essentials, open market sale to facilitate low income group of people. The news series also reflected voices of the underpreprsented people who have no common platform to raise their demand. It helped policy makers to identify the areas need to be adressed immidiately as inflationary pr essure pushed a large number of middle income people to become poorer.

The news series have left socio-economic impact as it unveiled real-life stories of the hard-earned people who are bearing the brunt of high inflation.

Techniques/technologies used:

The news series has been prepared on the basis of field-study and compiling data through rigorous survey in both rural and urban area. Graphics and illustrations also used in the storires to potrait the fact in visual manner. This correspondent gathered data and information through numerous interview of the vast majorites.

Context about the project:

This correspondent faced difficultites to get access to data as sources were scattered all over the country. She also faced threats at the time of gathering information from public hospitals to investigate poor condition of health care services. At the time of interviewing, service seekers at the National Institute of Cancer Reserch were not in a mood to talk about details on how they compromised heath care service to cope with the escalating living cost.

At the time of gathering information on child labour, this correspondent also faced difficultites. Motor workshop owners do not allow to take interview of the child labour they employed to keep operation cost low. Same as light-egineering factorires. Even, gurdians who compelled to send their child to work to bear high living cost were expressed reservations to talk on this issue.

This correspndent also interviewed a large number of people including low to middle icome group, health professonals, economists, job seekers, employers, government officials to write indepth news.

What can other journalists learn from this project?

other journalists can learn the story-telling style and technique to present the news with real-life examples, use of data and survey. Journalist will be able to know how economic news can be made readable and how to attract the audiences using data. A economic data-driven news must contain interesting facts and case studies what people are experiencing. Other journalsts would also able to know how to present details of a current issue in news serires rather than jamming a news with too much information.