Rs 904 billion remittance received in 11 months; inflation near double digit

Kathmandu / July 11: Remittance inflow has been recorded to be Rs 904 in the first 11 months of the current fiscal year 2021-22.

As published by the Nepal Rastra Bank on Monday, remittance inflow has increased by 3.8 percent according to the macroeconomic data for the first 11 months of the current fiscal year.

According to the central bank, remittances had increased by 12.6 percent in the same period last year.

Remittance inflow on the US Dollar has reached Rs 7.51 billion with a rise of 1.5 percent. Last year the inflow had upped by 10.5 percent.

In the review period, the number of Nepali people obtaining final work permits for foreign employment has invariably risen. According to the central bank, a total of 313,367 Nepali people obtained such permission.

Such percentage dropped by 68 percent in the corresponding period last year.

The number of Nepali people receiving re-work permits for foreign employment has reached 259,091 with an increment of 208.3 percent. (RSS)

Consumer inflation closer to double digit point of 8.56 percent during mid-May and mid-June

Nepal’s inflation rate is moving closer to double digit points, with Nepal Rastra Bank (NRB) recording consumer price index grew by 8.56 percent in the first 11 months of this fiscal year.

According to a 11-month report on ‘Current Macroeconomic and Financial Situation of Nepal’ unveiled by Nepal Rastra Bank (NRB) on Monday, the consumer price index surged by an additional 0.69 percent during mid-May and mid-June this year.

The soaring consumer price was due to a notable increase in the prices of overall food and non-food items and services. The report shows that food and beverage inflation stood at 7.43 percent whereas the consumer price index of non-food and service rose by 9.44 percent.

Recently, traders have hiked market prices of most of the goods, notably in the pretext of the disruption in supply chain caused by ongoing war between Russia and Ukraine. In addition, the soaring prices of petroleum products have also contributed to the rising consumer price inflation in Nepal.

According to the NRB report, the prices of ghee and oil increased by 22.60 percent, fruits by 12.61 percent, milk products and eggs by 11.22 percent and pulses and legumes by 9.13 percent. Likewise, under the non-food and services category, the prices of transportation, education and furnishing and household equipment rose by 25.79 percent, 11.64 percent and 8.30 percent, respectively.

During the last month, the hilly region witnessed a price hike of 9.28 percent, the largest of all. Price inflation in the mountain region was 8.92 percent, the second highest in the row, while those in the Kathmandu Valley and Terai were recorded at 8.32 percent and 8.29 percent, respectively.