KATHMANDU: The country’s average annual inflation in fiscal 2016-17 stood at a 12-year low of 4.5 per cent, as per the macroeconomic update unveiled by the Nepal Rastra Bank on Monday. The last time country’s average annual inflation had stood at this level was in fiscal 2004-05. The higher base price of the preceding year, improved supply situation and lower global prices including that of India contributed to inflation easing in the review year, as per central bank.