The focus of the paper is on the determination of inflation within the framework of Phillips Curve and to investigate whether there exists any relationship between this two. This paper has provided an empirical evidence to support the existence of the Phillips curve in the case of Bangladesh. A linear form of the Phillips curve is estimated using ordinary least squares estimation (OLS). The cointegration test shows long run relation between the variables. This contradicts the theory that in long run the Phillips Curve should be vertical. The important finding is that inflation dynamics in Bangladesh is strongly backward looking. The sample covers annual data from 1972/73 to 2008/09. In order to increase the reliability of the study, we have employed modern time series econometric techniques and procedures.