KATHMANDU, Nov 18: Consumer price inflation surged to 4.24 percent during one month of mid-September and mid-October amid soaring prices of foods and petroleum products.
The three-month long report on ‘Current Macroeconomic and Financial Situation of Nepal’ released by the Nepal Rastra Bank (NRB) on Tuesday shows that the price hike in the third month of the current fiscal year was 0.75 point percent. This is more than the price hike in the second month.
According to the central bank’s report, the price hike of ghee and oil, meat products and pulses were among the main contributors to drive the average consumer prices in the upward graph.
Inflation rises to 4.2 percent
During the review period, the prices of ghee and oil increased by 31.68 percent. The prices of meat and fish soared by 11.93 percent and the prices of pulses and legumes soared by an average of 10.71 percent.
According to NRB officials, edible oil and legumes were expensive in the domestic market due to escalating prices of these products in the international markets. Similarly, an increase in transport costs also contributed to the increase in consumer inflation.
As of October end since the commencement of the current fiscal year, petrol and diesel were costlier by Rs 7 per liter and Rs 4 per liter, respectively, in the domestic market.
In the review month, the hilly region witnessed the highest price hike of 5.68 percent. The inflation rate in Terai was 4.01 percent while it was 3.48 percent in the Kathmandu Valley and 3.12 percent in Himalayan region.
