Recently, the government has limited imports, and the central bank has taken some measures such as making the interest rate market-based entirely and the foreign exchange rate to some extent, yet the moves are yet to make a dent at higher consumer prices, which have shot to a decade-high.

Golam Rahman, president of the Consumers Association of Bangladesh, thinks using bank borrowing to finance the budget deficit has been one of the major sources of skyrocketing inflation.

He argued that when the central bank printed money to keep the government running, it fuelled inflation.

The former secretary also called on the government not to set higher duties on the imports of essential commodities in the upcoming budget.

"If possible, the duty may be set at zero for some essentials to bring down their prices in the domestic markets."

The import duty on rice is significantly higher whereas the productivity is low, he said. "The government should reduce the duty on the import of rice until the productivity goes up."