Consumer Price Inflation remains 8.64 %; Rs 187 billion received on remittance

Kathmandu / Oct. 21: The year-on-year (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, Nepal Rastra Bank (NRB) said. According to the Current Macroeconomic and Financial Situation of Nepal

(Based on Two Months’ Data Ending Mid-September, 2022/23) released by the central bank today, food and beverage inflation stood at 8.17 percent whereas non-food and service inflation stood at 9.02 percent in the review month.

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.

Similarly, 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 was 3.23 percent, 3.65 percent, 3.96 percent and 3.51 percent respectively a year ago.

The y-o-y consumer price inflation in Nepal as of mid-September 2022/23 remained 8.64 percent. Such inflation in India stood at 7.41 percent in September 2022.

Wholesale Price Inflation (WPI)

NRB said the y-o-y wholesale price inflation increased by 14.00 percent in the review month compared to 3.11 percent a year ago. The y-o-y wholesale price of consumption goods, intermediate goods and capital goods increased by 12.91 percent, 15.93 percent and 6.36 percent respectively in the review month. The wholesale price of construction materials increased by 19.36 percent in the review month.

Salary and Wage Rate Index (SWRI)

The y-o-y salary and wage rate index increased by 11.68 percent in the review month. Such a growth rate was 4.84 percent a year ago. In the review month, salary index and wage rate index increased by 12.39 and 11.46 percent respectively.

Country receives Rs 187 billion remittance

Remittance worth Rs 187 billion has been received in the first two months of the current fiscal year.

As per the data until the second month of the current fiscal year published by Nepal Rastra Bank today, remittance inflow has increased by 19.8 per cent to Rs 187.04 billion in the review period against a decrease of 5.8 per cent in the same period of the previous fiscal year.

In US Dollar terms, remittance inflow has increased by 11.3 per cent and reached to Rs 1.47 billion in the review period against a decrease of 5.3 per cent in the same period of the previous period.

During the review period, number of Nepali workers (institutional and individual-new) taking approval for foreign employment has increased by 169.9 per cent and reached 103,898.

Similarly, the number of Nepali workers (renew entry) taking approval for foreign employment has increased by 70.6 per cent and reached 39,189 in the review period. It had increased by 429.5 per cent in the same period of the previous fiscal year.

Likewise, the net transfer has increased by 19.5 per cent and reached Rs 206.46 billion during the first two months. It had decreased by six percent in the same period of the previous fiscal year. (RSS)