From mid-November to December 2023, Nepal witnessed the lowest Consumer Price Inflation (CPI) in 12 months. The average year-on-year CPI registered a decline of 4.9 percent, which was primarily propelled by a 3.1 percent fall in food and beverage prices. This decline will have positive implications on poor rural and urban households allowing them to access and afford more food and nutrients. In November 2023, the monthly prices of vegetables, eggs, fish, meat, medium-grain rice, and wheat flour showed moderate reductions. On the other hand, the prices of lentils, bananas, and apples experienced a slight increase compared to the previous month. During this period, Nepal witnessed an increase in remittance inflows, even though there was a decline in both the issuance and renewal of labor permits between mid-November and December. The rise in remittances is expected to contribute to an increase in consumption expenditure. The Ministry of Agriculture and Livestock Development (MoALD) has reported an increase in rice production for the fiscal year 2023/24 (i.e., 2080/81 Nepali year), attributing the slight increase to a lack of flooding in 2023 compared to previous years and early supply pf fertilizer. 1 However, moving into the winter season, as fertilizer plays important role in enhancing crop yields, the price variation, particularly, the higher prices for both Diammonium Phosphate (DAP) and Muriate of Potash (MoP) in Madesh Province, and the higher price of Urea in Sudurpashchim will are likely to have some negative effect for cash-strapped farmers in these provinces.