Inflation not to fall in near future
Nepal Rastra Bank (NRB) Governor Yubaraj Khatiwada admitted on Friday that there was no possibility of bringing down inflation in the near future due to rising oil prices, increased wage rates and new consumption patterns.
Inflation stood at 8.9 percent in the first three months of the current fiscal year. A new reason pushing up inflation has been a sharp rise in non-food prices. Prices of food items went up 9.6 percent and non-food items 8.2 percent respectively. “As people’s consumption shifted to new areas where demand rose sharply against a short supply, prices went up contributing to increasing inflation,” said Khatiwada. “The wage rate in the agriculture sector has also increased by 50 percent. These factors have triggered a rise in prices.”He added that frequent problems in the supply chain due to the syndicate system and other reasons also pushed up prices.
Posted on: 2011-12-03 08:56
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