INSUBCONTINENT EXCLUSIVE:
KATHMANDU, MAY 11Rising food and energy prices pushed Nepal's annual inflation to a
near six-year high in the month ending mid-April, just as the economy was beginning to recover lost tourist dollars from the coronavirus
US added 428,000 jobs in April despite surging inflation
Tourist arrivals rebounded strongly last month
Annual consumer price based inflation rose to 7.28% year-on-year from 7.14% the previous month, and from 3.10% a year earlier, data
released by Nepal Rastra Bank showed.
Edible oil prices rose 28.36% followed by an 11.56% hike in prices of milk products,
eggs and pulses from a year earlier - more than doubling food inflation to 7.4% within a year, data showed.Nepal, landlocked between China
and India, has banned luxury goods imports until mid-July and switched to a two-day weekend to cut fuel consumption amid dwindling forex
reserves."Inflation is partly driven by global factors," said Prakash Kumar Shrestha, head of the NRB's Economic Research Department, adding
that maintaining foreign reserves was a "challenge".Forex reserves fell 18.2% to $9.61 billion as of mid-April from mid-July, enough to
cover imports for about six months, NRB said in a statement, citing a rise in imports to near $12 billion in the first nine months of the
This article first appeared/also appeared in https://thehimalayantimes.com