Inflationary pressure will increase due to the recent hike in fuel prices, Finance Minister AHM Mustafa Kamal said on Wednesday.

The minister made the observation at a meeting with journalists in his office at the Ministry of Finance.

"The relationship between energy and economy is intricate. When the price of fuel increases, the prices of goods and services also rise accordingly. The hike in oil prices will have an impact on the overall economy and people's standard of living," the minister said.

"Inflationary pressure will certainly increase. But we will continue our efforts to reduce the rate of inflation," he added.