Indonesia reported a 3.05 percent year-on-year increase in inflation in March, which remained within the 1.5 percent to 3.5 percent goal range set by the central bank.
“The inflation rate in March 2024 is relatively higher compared to February,” acting head of Statistics Indonesia (BPS) Amalia Widyasanti stated in a press conference.
The food, beverage, and tobacco industry had price increases of 7.43 percent in March 2024, while increased transportation costs added 0.99 percent to the overall inflation rate.
With an inflation rate of 4.78 percent, West Papua had the highest inflation rate, while Southwest Papua had the lowest at 1.42 percent.
In an effort to contain inflation and preserve the value of the rupiah, Bank Indonesia raised the benchmark interest rate by 250 basis points, to 6 percent, between August 2022 and October 2023
