Dhaka, April 4 -- Around 5 lakh people in Bangladesh likely fell into extreme poverty between the fiscal years 2022-23 and 2023-2024 due to the erosion of purchasing power, said the World Bank.
"Weak private consumption growth and high inflation have halted poverty reduction. Higher food prices particularly impacted poor households, which allocate over half of their budget towards food expenditures," it said.
In addition, 8.4 lakh people are projected to join the ranks of the moderately poor, who earn $3.65 a day in purchasing power parity (PPP), said the bank in its Poverty Macro Update on Bangladesh.
PPP is a measure that compares the relative value of currencies by examining the prices of a fixed basket of goods and services in differ...