Nepal’s inflation rate drops to 4.9% in Mangsir amid lower food prices

GP Chudal
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Inflation slowed further, to just 4.9 percent in Mangsir

Nepal’s inflation rate fell to 4.9 percent in Mangsir, the lowest level in two years, according to the latest report from the Nepal Rastra Bank.

The central bank said that the decline in inflation was mainly due to the decrease in the prices of ghee and oil, vegetables, meat and fish, and petroleum products in the review month. These items are among the major components of the consumer price index, which measures the changes in the cost of living.

The report said that the year-on-year inflation of food and beverages group was 5.1 percent, while the inflation of non-food and services group was 4.84 percent in Mangsir. In the same month of the previous year, the overall inflation was 7.38 percent.

The central bank said that the price of petroleum products was reduced twice in Mangsir, which helped to ease the inflationary pressure. It also said that the prices of vegetables, fruits, marmalade, and sugar decreased in Mangsir compared to Kartik, due to the seasonal supply and lower demand.

However, the report also said that some items saw a significant increase in their prices in Mangsir. These include spices, which rose by 37.22 percent, sugar and sugar products, which increased by 13.24 percent, and dairy products and eggs, which went up by 10.59 percent.

The report also said that the prices of some non-food and services items increased in Mangsir. These include entertainment and culture, which rose by 12.84 percent, miscellaneous goods and services, which increased by 11.03 percent, and education, which went up by 8.92 percent.

The report said that the inflation rate of the transport sub-group decreased by 2.48 percent in Mangsir, due to the lower fuel prices. The prices of furnishing and household appliances increased by 5.24 percent, while the prices of clothing and footwear increased by 4.96 percent.

The central bank said that it aims to keep the inflation rate within 8 percent in the current fiscal year. However, the government’s budget statement has set a target of keeping the inflation rate below 6.5 percent. The central bank said that it will monitor the inflation situation closely and take necessary measures to maintain price stability.

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