KATHMANDU, July 11: Nepal’s inflation rate is moving closer to double digit points, with Nepal Rastra Bank (NRB) recording consumer price index grew by 8.56 percent in the first 11 months of this fiscal year.
According to a 11-month report on ‘Current Macroeconomic and Financial Situation of Nepal’ unveiled by Nepal Rastra Bank (NRB) on Monday, the consumer price index surged by an additional 0.69 percent during mid-May and mid-June this year.
People hit hard as consumer price inflation soared 8.64 percent...
The soaring consumer price was due to a notable increase in the prices of overall food and non-food items and services. The report shows that food and beverage inflation stood at 7.43 percent whereas the consumer price index of non-food and service rose by 9.44 percent.
Recently, traders have hiked market prices of most of the goods, notably in the pretext of the disruption in supply chain caused by ongoing war between Russia and Ukraine. In addition, the soaring prices of petroleum products have also contributed to the rising consumer price inflation in Nepal.
According to the NRB report, the prices of ghee and oil increased by 22.60 percent, fruits by 12.61 percent, milk products and eggs by 11.22 percent and pulses and legumes by 9.13 percent. Likewise, under the non-food and services category, the prices of transportation, education and furnishing and household equipment rose by 25.79 percent, 11.64 percent and 8.30 percent, respectively.
During the last month, the hilly region witnessed a price hike of 9.28 percent, the largest of all. Price inflation in the mountain region was 8.92 percent, the second highest in the row, while those in the Kathmandu Valley and Terai were recorded at 8.32 percent and 8.29 percent, respectively.
