Inflation Climbs To 7.76 Percent
May 11, 2023 | Investopaper
Nepal Rastra Bank (NRB) has published the report on ‘Current Macroeconomic and Financial Situation of Nepal (Based on Nine Months’ Data Ending Mid-April, 2022/23)’. As per the latest report, y-o-y consumer price inflation remained at 7.76 percent in mid-April 2023 compared to 7.28 percent a year ago
Global rise of fuel and food prices, supply chain disruptions and devaluation of Nepalese currency with US dollar contributed to build up inflationary pressures.
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Food and beverage inflation stood at 6.93 percent whereas nonfood and service inflation rose to 8.42 percent in the review month. Under the food and beverage category, y-o-y price index of restaurant & hotel sub-category increased 14.68 percent, spices 14.67 percent, cereal grains & their products 13.72 percent, fruit 11.00 percent and tobacco products 10.83 percent
Likewise, under the non-food and services category, yo-y price index of health sub-category increased 10.39 percent, housing & utilities 9.54 percent, recreation & culture 8.81 percent, furnishing & household equipment 8.74 percent, and education 8.67 percent
In the review month, consumer price inflation in the Kathmandu Valley, Terai, Hill and Mountain surged to 8.57 percent, 7.68 percent, 7.01 percent and 7.47 percent respectively. Inflation in these regions were 6.25 percent, 7.61 percent, 7.79 percent and 8.25 percent respectively a year ago.
The y-o-y wholesale price inflation increased 5.59 percent in the review month compared to 14.42 percent a year ago. Similarly, the y-o-y salary and wage rate index increased 7.52 percent in the review month. Such growth rate was 8.52 percent a year ago.
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