NRB’s record shows annual inflation was limited to just 6.32 PC in last FY as people felt heat of sharp spike in prices of daily essentials

Published On: August 17, 2022 06:20 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, August 17: The annual consumer price inflation last year hit 6.32 percent, up from 3.60 percent inflation of the previous fiscal year.

According to an annual report on ‘Current Macroeconomic and Financial Situation of Nepal’ unveiled by Nepal Rastra Bank (NRB) on Tuesday, the annual rise in consumer price was due to an increase in prices of food, non-food and services. During the review period, the annual average of food and beverage inflation stood at 5.69 percent, compared to 5 percent in 2020/21. Likewise, the annual average of non-food and services inflation stood at 6.83 percent, up from 2.51 percent.

Under the food category, the prices of ghee and oil increased by 26.13 percent and pulses and legumes by 9.92 percent. Likewise, under the non-food and services category, the prices of transportation, education, and furnishing and household equipment sub-categories rose by 15.82 percent, 8.78 percent and 7.09 percent, respectively.

Likewise, the year-on-year inflation in one month between mid-June and mid-July of the last fiscal year stood at 8.08 percent, almost double of 4.19 percent of the previous fiscal year.

The higher inflationary pressure was due to the global rise in fuel and food prices, disruption in supply chain and depreciation of Nepalese currency with the US dollar, according to the NRB report.   


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