TITLE:
Economic Resilience in Bangladesh: Analyzing Household Well-Being amidst Price Hikes through ANOVA and Paired Sample t-Test Insights
AUTHORS:
Esita Ghosh
KEYWORDS:
Price Hike, Economic Growth, Socioeconomic, Development, Households
JOURNAL NAME:
Open Journal of Statistics,
Vol.14 No.1,
February
29,
2024
ABSTRACT: This
study delves into the multifaceted impact of price hikes on the standard of
living in Bangladesh, with a specific focus on distinct socioeconomic segments.
Amidst Bangladesh’s economic growth, the challenges of rising inflation and
increased living costs have become pressing concerns. Employing a mixed-methods
approach combines quantitative data from a structured survey with qualitative
insights from in-depth interviews and focused group discussions to analyze the repercussions of price hikes. Stratified random
sampling ensures representation across affluent, middle-class, and
economically disadvantaged groups. Utilizing data [1] from 2020 to November 2023 on the yearly change in retail prices of
essential commodities, analysis reveals significant demographic shifts,
occupational changes, and altered asset ownership patterns among households.
The vulnerable population, including daily wage laborers and low-income
individuals, is disproportionately affected by adjustments in consumption,
income generation, and living arrangements. Statistical analyses, including
One-Way ANOVA and Paired Sample t-tests, illuminate significant mean
differences in strategies employed during price hikes. Despite challenges, the
prioritization of education remains evident, emphasizing its resilience in the
face of economic hardships. The result shows that price hikes, especially in
essential items, lead to substantial adjustments in living costs, with items
like onions, garlic, and ginger experiencing significant increases of 275%,
108%, and 483%, respectively.