Double-digit inflation continues to hit the general public with the price rise going up by as high as 12.3 percent in the 11th month of last fiscal year 2008/09.The country has been witnessing double digit inflation since first month of last fiscal year. The government has also made controlling inflation as its one big priority.
According to the latest macro-economic situation made public by the Nepal Rastra Bank (NRB) on Tuesday, high inflation was mainly driven by rise in the prices of food and beverages group which witnessed price rise of 19 percent.
In food and beverage group, the price indices of sugar and sugar related products increased by a whopping rate of 62.3 percent in the review period last fiscal year compared to an increase of just 5.5 percent the previous year. Vegetables and fruits also witnessed a price rise of 55.5 percent against the decline of 3.3 percent in the previous year. The prices of meat, fish and eggs as well as pulse group also went up by 29.8 percent and 27.7 percent respectively in the review period against the rise of 12.6 percent and 11.1 percent in the previous year. Only the grains and cereal products witnessed relatively lower price rise of 6.6 percent during the review period as against the increase of 21.2 percent in the previous year, according to the central bank.
Kathmandu valley witnessed highest inflation of 14.5 percent in the review period followed by 11.5 percent both in Terai and hills. On the other hand, despite world economic recession, the country's export grew by 15.4 percent in the review period last year in contrast to decline by 2.1 percent in the previous year.
The export to India rose by 8.5 percent whereas export to third countries went up by 28.8 percent in the review period last year. The export to India had declined by 8.2 percent in the previous year. Nepal's export to third countries however had gone up by 12.3 percent. The increase in the exports of readymade garments, textile, G.I pipe, catechu and shoe and sandals was largely responsible for export growth to India. The growth in the exports of pulses, pashmina, woolen carpets, handicrafts and herbs were mainly responsible for export growth to third countries.
The country also witnessed a surge in imports as well. The imports went up by 26.3 percent in the review period against the increase of 14.3 percent in the same period of previous year. The import growth from India witnessed relatively lower growth of 12.9 percent last year against 23.8 percent in the previous year.
Source: eKantipur
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