Nepal inflation skyrockets to 8.64 percent; double compared to last year

NL Today

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Kathmandu: Inflation has accelerated to 8.64 percent in Nepal.

The figure, according to the central bank, is double compared to the last fiscal year.

Releasing the current macroeconomic and financial situation, the Nepal Rastra Bank said that the y-o-y consumer price inflation remained at 8.64 percent in the second month of 2022/23 compared to 3.49 percent a year ago. 

“Food and beverage inflation stood at 8.17 percent whereas non-food and service inflation stood at 9.02 percent in the review month,” according to the central bank. 

“Under the food and beverage category, the prices of fruit, ghee & oil, restaurant & hotel, alcoholic drinks and vegetable sub-categories increased by 17.29 percent, 14.53 percent, 12.30 percent, 10.24 and 9.94 percent respectively on y-o-y basis.”

Under the non-food and services category, the prices of transportation, health, furnishing & household equipment, education and housing & utilities sub-categories increased by 23.41 percent, 10.54 percent, 9.25 percent, 8.11 percent and 7.69 percent respectively on y-o-y basis in the review month.

In the review month, consumer price inflation in the Kathmandu Valley, Terai, Hill and Mountain stood at 7.62 percent, 9.33 percent, 8.82 percent and 6.68 percent respectively. Inflation in these regions were 3.23 percent, 3.65 percent, 3.96 percent and 3.51 percent respectively a year ago.