Nepal´s inflation moderated to a single digit for the first time over the last one year and stood at 9.7 percent in mid-September 2009, Nepal Rastra Bank (NRB) has reported.
Despite the drop, consumers continued to reel under galloping rise of food prices. According to the central bank data, prices of food and beverages increased by 16.3 percent, which was higher than the rate at which the food and beverages prices rose in the same period last year.
However, the prices of non-food and services rose at nominal rate of 2.1 percent during the period. It is for this reason that inflation effectively moderated. Otherwise, if the trend of food prices is to be considered, the drop in inflation that central bank reported is meaningless for general consumers.
Among the food items also, NRB said the prices of vegetables and fruits soared by a whopping 43.5 percent during the period. The prices of sugar and sugar related products too increased by 40.5 percent. Similarly, the price indices of meat, fish and eggs as well as pulses increased by 29 percent and 25.6 percent respectively during the period.
Only sign of relief for consumers is that the prices of grains and cereal products increased at nominal rate of 5.8 percent, compared to 23.8 percent increase in the same period last year.
Likewise, the central bank has reported that the overall salary and wage rose by 20.8 percent during the period, cushioning the salaried staff and wage earners from the soaring food prices.
According to the report, salary mainly soared by whopping 32.8 percent during the period due to rise in basic salary and allowances of civil servants and its simultaneous effect on salary of the private sector.
Wages of agricultural, industrial and construction laborers too increased by 18.1 percent, 15.8 percent and 16.4 percent respectively during the period, says the report.
No comments:
Post a Comment