Half-yearly review of monetary policy: Inflation crosses target range

Published On: February 10, 2023 03:00 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Feb 10: While the government aims to keep inflation within the desired limit of seven percent for the current fiscal year, it has reached 7.26 percent up to the half-yearly review period of the monetary policy.

According to the half-yearly review of the monetary policy of the current fiscal year 2022/23 published by the Nepal Rastra Bank (NRB) today, the annual point inflation is 7.26 percent at mid-January. By mid-January of last fiscal year 2021/22, such inflation was equal to 5.65 percent.

“On a year-on-year basis, the import price index has increased by 8.7 percent, while the wage index has increased by 12.39 percent and the wage rate index by 9.64 percent. Due to the increase in the price of petroleum products and the devaluation of the Nepali rupee, the price of imported goods has increased and put pressure on consumer prices,” NRB said through the review of monetary policy. According to NRB, it will take some time for the pressure on prices to decrease in view of the external and internal economic scenario.

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