Indonesia Projects December Inflation To Reach 0.48% Contributed Mainly By Food Staples

Bank Indonesia (BI) has projected inflation in December 2022 to reach 0.48 percent as compared to the previous month (month-to-month/mtm). The annual headline inflation for November was 5.42% compared to 5.7% in October.

The main commodities contributing to inflation in December 2022 until the fourth week are eggs, 0.08 percent; rice and gold jewelry, 0.04 percent each; and chicken meat, tomatoes, and bird’s eye chilies, 0.03 percent each.

In addition, cooking oil, filtered clove cigarettes, and tap water tariffs each contributed 0.02 percent to inflation, followed by water spinach, spinach, gasoline, and air transportation each having contributed 0.01 percent.

Meanwhile, several commodities were recorded to contribute to deflation during this period, such as red chilies and shallots, each contributing 0.01 percent.

He affirmed that BI continues to strengthen coordination with the government and relevant authorities in optimizing the policy mix strategy to maintain macroeconomic and financial system stability to further support economic recovery.

In the BI Annual Budget Plan (RATBI), the Consumer Price Index (CPI) inflation in 2023 is targeted to decline to 3.61 percent as compared to the same period in the previous year (year-on-year/yoy).

Apart from controlling inflation, next year, BI will also continue to control the rupiah exchange rate to make it more stable, even stronger to Rp15,070 per US dollar.

Earlier, Home Affairs Minister Muhammad Tito Karnavian highlighted the need for regional governments to intensify efforts to control inflation amid global uncertainty and ahead of the upcoming Christmas and New Year celebrations.

“Seeing the global situation and Christmas and New Year globally, including Indonesia, monitoring and efforts to control inflation need to be intensified. Nationally, it (inflation control) is coordinated by the central government. However, in regions, (regional governments) must control it (inflation) in their respective regions,” he remarked.

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