Agency, Kathmandu.
Published by: Dev Kashyap
Updated Tue, 22 Feb 2022 02:19 AM IST
Summary
Madhav Timalsina, president of Consumer Rights Inquiry Forum in Nepal, said inflation is rising due to rising fuel prices and the upcoming elections will cause a headache for the government.
Nepal is likely to face hyperinflation in the coming months due to polling on May 13 and rising fuel prices. Quoting consumers, the Kathmandu Post newspaper said that if the government lax in proper monitoring of the market and is not able to rein in the rising fuel cost before the election, then the prices of things can go to the highest level.
Madhav Timalsina, president of Consumer Rights Inquiry Forum in Nepal, said inflation is rising due to rising fuel prices and the upcoming elections will cause a headache for the government. In this situation, the manufacturers and traders, protected by political parties, compromise on the quality and prices of food products, which is increasing public anger, he said. In the first five months of the current financial year (2021-22), the country’s inflation has reached 7 per cent.
Last Saturday, state-owned Nepal Oil Corporation increased the prices of petrol, diesel and kerosene by Rs 3 per liter, taking petrol prices to record levels, the report said. Not only this, the country has also witnessed negative economic growth rate of 2.1 per cent in 2019-20 for the first time in four decades.
Expansion
Nepal is likely to face hyperinflation in the coming months due to polling on May 13 and rising fuel prices. Quoting consumers, the Kathmandu Post newspaper said that if the government lax in proper monitoring of the market and is not able to rein in the rising fuel cost before the election, then the prices of things can go to the highest level.
Madhav Timalsina, president of Consumer Rights Inquiry Forum in Nepal, said inflation is rising due to rising fuel prices and the upcoming elections will cause a headache for the government. In this situation, the manufacturers and traders, protected by political parties, compromise on the quality and prices of food products, which is increasing public anger, he said. In the first five months of the current financial year (2021-22), the country’s inflation has reached 7 per cent.
Last Saturday, state-owned Nepal Oil Corporation increased the prices of petrol, diesel and kerosene by Rs 3 per liter, taking petrol prices to record levels, the report said. Not only this, the country has also witnessed negative economic growth rate of 2.1 per cent in 2019-20 for the first time in four decades.