Prices of vegetables increased the most by 33.99 percent, pulses and pulses by 10.78 percent, food and food products by 10.15 percent and ghee and oil by 9.29 percent.
In recent months, the market price has started to rise continuously. The average consumer price increase rate is 5.60 percent in the economic and financial status report of last November published by Nepal Rastra Bank on Thursday. This is 0.22 percentage points higher than the same period last year. In October 2008, the rate of such price increase was 5.38 percent.
The average price increase last November was the highest in the last 9 months. Earlier last January, the average consumer price inflation rate was 5.01 percent. Since then, although at a low rate, the market price has been rising continuously. At the same time, it reached more than 5 and a half percent last October. The rise in inflation in recent months is due to the increase in Indian inflation. India's average price increase has declined slightly to 5.48 percent in October from 6.21 percent last October. According to the experts, price increase has also entered Nepal along with goods and services imported from India last October. They say that unless supply management is improved in Nepal, it will be difficult to control the price increase.
Nepal Rastra Bank Head of Research Department Gunakar Bhatt said that the data of price increase which has been rising continuously in recent months shows signs of growth. It seems that mainly food price increase is under pressure. Until the supply system is made systematic and effective, it seems that this type of price increase will continue to fluctuate sharply," he added, "Indian price increase has a direct effect on Nepal's price increase."
As the overall price increase is led by food products, there are signs that the price increase will rise unless improvements are made in the areas related to food system, food supply, domestic production, he said. During the four months of the current financial year, the price increase of the food and beverages group is 9.10 percent and that of the non-food and services group is 3.65 percent. In the same period last year, the price increase rate of these groups was 5.98 percent and 4.99 percent respectively.
In the period of four months, the annual price of vegetables increased by 33.99%, pulses and pulses by 10.78%, food and food products by 10.15% and ghee and oil by 9.29%. According to the National Bank of India, the price increase of maramsala under this group decreased by 1.41%, sugar and sugar products by 1.28% and fish and meat by 0.02%. The Rastra Bank has stated that the price increase of miscellaneous goods and services sub-group under the non-food and service group has increased by 10.41 percent, alcoholic beverages by 6.35 percent, clothing and footwear by 4.57 percent, and tobacco products by 4.24 percent.
Last October, the price increase in rural areas increased by 6.19 percent and in urban areas by 5.39 percent. "Provincially, last October, Koshi has 7.19, Madhesh 5.72, Wagmati 5.35, Gandaki 4.69, Lumbini 5.10, Karnali 3.21 and Sudurpaschim Province 6.57 percent," said the National Bank. Last October, the price increase in Kathmandu Valley was 5.42, Terai 5.72, Hills 5.15 and Himalayas 6.78 percent, it is mentioned in the report.
5 trillion remittances in four months
5 trillion 21 billion 63 crore remittances have been received in five months of the current financial year. This is an increase of 9.1 percent compared to the same period last year. Remittance inflows increased by 22.5 percent in the first quarter of last year. Remittance inflow in US dollars has reached 3.87 billion. Last year, such inflow was 3 billion 600 million," it is said in the monthly report of Rashtra Bank.
On a monthly basis, 1 trillion 14 billion rupees of remittances have entered Nepal last October. In October, the highest amount of 1 trillion 44 billion rupees was received so far. Rashtra Bank Research Department Head Bhatt said that despite the trend of the previous months, less remittances are coming in October and the same trend has been observed this year as well.
In the four months of the current fiscal year, the number of Nepalis who took the final work permit (institutional and individual-new) for foreign employment is 147,478 and the number of those who took the work permit again is 94,115. During the same period last year, such numbers were 137 thousand 475 and 68 thousand 841 respectively.
Foreign exchange reserves exceeded 22.5 trillion
The country's foreign exchange reserves have reached 22 trillion 55 billion 35 billion rupees by the end of last October. It has increased by 10 and a half percent compared to last June. At the end of June 2008, the foreign exchange reserves were 20 trillion 41 billion 10 million rupees.
"Such reserves in US dollars were 15.27 billion at the end of June 2081, and increased by 9.4 percent to 16.7 billion at the end of October 2081," according to the monthly report of the Rashtra Bank. According to the National Bank, the share of Indian currency in the total foreign exchange reserves is 22 percent.
If the import of four months of the current financial year is taken as a base, the foreign exchange reserves of the banking sector will be enough to support 18 months of goods imports and 15.1 months of goods and services imports. Rastra Bank has set a target of maintaining foreign exchange reserves equal to at least 7 months of imports in the current financial year.
translation savings 2 trillion 5 billion
As of last October, the country's current account balance is 2 trillion 5 billion 83 billion in surplus. During the same period last year, the position was in surplus by 1 trillion 50 billion 24 million. In the US dollar, the surplus of 1 billion 13 billion in the same period of the previous year is in surplus of 1 billion 53 billion in the period under review.
As of last November, the current account is in surplus by 1 trillion 43 billion 42 crores. During the same period last year, the current account was in surplus by 97.10 billion rupees. According to the Rastra Bank, the current account which had a surplus of 736 million US dollars in the first four months of last year, had a surplus of 1.6 billion during the same period of this year.
