Nepal’s consumer price inflation remains at 7.44 pc in mid-March: NRB data

KATHMANDU: Nepal Rastra Bank (NRB) has issued a report about the current macroeconomic and financial situation of Nepal based on the data of the last eight months of the current fiscal year 2022/23. The report unveiled by the central bank today shows that some economic indices are improving while some are deteriorating. The report states the year–on–year consumer price inflation remained at 7.44% in mid-March 2023 compared to 7.14% a year ago.  It may be noted that in the current fiscal year, the government has a target of limiting inflation below 7%. Food and beverage inflation stood at 5.64% while non-food and service inflation rose to 8.87% in the review month. Likewise, remittances increased by 25.3% in NPR terms and 14.8% in USD terms while the Balance of Payments remained at a surplus of Rs148.11 billion. Gross foreign exchange reserves stood at Rs 1401.21 billion and 10.69 billion in USD terms, the report highlights. Federal Government expenditure is amounted to Rs 779.23 billion and revenue collection is Rs 582.77 billion. Broad money (M2) increased 5.3%. On y-o-y basis, M2 increased 9.1%. Deposits at BFIs increased 5.5% and private sector credit increased 4.6%. On y-o-y basis, deposits increased 10.5% and private sector credit increased 3.1%. Similarly, till mid-March, imports decreased 19.1%, exports decreased 29.1% and trade deficit decreased 17.9%. READ ALSO:

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