What Are The Causes Of Price Hiking In Nepal: Unraveling The Economic Shifts
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What Is The Cause Of Price Hike In Nepal?
“The cause of price hikes in Nepal has left consumers struggling with increased costs for essential goods. According to Prem Lal Maharjan, the President of the National Consumer Forum, these price increases stem from a combination of factors, including a faulty supply policy, inadequate price analysis, and a weak government monitoring and distribution mechanism. As of August 1, 2023, this issue has led to artificial and abnormal inflation in Nepal, making it essential to address these contributing factors for the benefit of consumers and the overall economic stability of the region.”
What Are The Causes Of Inflation In Nepal?
One of the key factors contributing to inflation in Nepal is its heavy reliance on imports to satisfy a significant portion of its domestic demand. When Nepal imports goods from foreign countries, it inadvertently imports inflation as well. This phenomenon occurs because the prices of imported goods often carry inflationary pressures from their country of origin. Therefore, the increasing volume of imports into Nepal plays a pivotal role in introducing inflation into the country. In essence, this imported inflation constitutes another significant source of rising prices within Nepal’s economy.
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The major causes of the food price hike in Nepal are decline in agricultural production due to unfavorable weather conditions and various types of supply bottlenecks. On the demand side, growing population and increased remittance inflow raised the demand for cereal grains, which in turn exerted the pressure on prices.“Consumers are suffering because of abnormal and artificial price hikes in essential goods. This is basically due to faulty supply policy, lack of price analysis and weak monitoring and distribution mechanism of the government,” said Prem Lal Maharjan, president of the National Consumer Forum.Nepal needs to meet a large percent of its demand from imports. While importing goods from abroad we also import inflation. Thus the growing amount of imports of goods also imports inflation in Nepal. Hence, imported inflation is another source of inflation in the country.
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