Friday, June 14, 2013

Inflation cools down to 8.7 per cent, remittance at Rs 342.65 billion

Though, the market has not seen any drop in the prices of consumer goods, inflation has cooled down to 8.7 per cent – in the 10th month for the first time in the current fiscal year due to stable fuel prices and moderated Indian inflation – according to the central bank data that has revealed that the remittance has also seen an increment of 21.5 per cent to Rs 342.65 by mid-May. “However, the growth rate has decreased from 36.5 per cent from the same period in the last fiscal year.”
“The year-on-year consumer price index inflation increased by 8.7 per cent in mid-May, which was at 8.7 per cent a year back, according to the macroeconomic report for the 10th month of the current fiscal year published by Nepal Rastra Bank (NRB). “A month ago, it stood at 9.5 per cent.”
Till the eighth month of the current fiscal year, inflation had remained above 10 per cent as prices of both commodities and services belonging to food and non-food groups had seen continuous rise.
The central bank has attributed the drop in the price to also petroleum prices that has not seen any hike since December 2012 easing the pressure on commodity prices.
The index of the food and beverage group increased by 8.7 per cent, whereas the index of non-food and services group increased by 8.6 per cent in mid-May, the central bank said, adding that these indices had increased by 7.1 per cent and 10.1 per cent, respectively, in the same month of the last fiscal year.
Since the country also imports inflation from India, from where Nepal imports 65 per cent of commodities, the moderating prices in India has also helped in cooling down the prices in Nepal.
The price indices of spices and cereals, grains and their products increased by 12.9 per cent and 12.8 per cent, respectively against the decrease of 12.2 per cent and 1.9 per cent, respectively, in the same month of last fiscal year.
Region-wise, the price indices increased by 9.4 per cent in Kathmandu valley, followed by 8.7 per cent in the Tarai and 7.8 per cent in the hills in mid-May against 7.7 per cent, 9 per cent and 9.4 per cent, respectively, in the same month last fiscal year. 

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