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resident Joko '€œJokowi'€ Widodo has expressed concerns about the country'€™s '€œvery high'€ inflation rate, as ministers have been ordered to begin the imports of crucial food commodities from chili to shallots to stabilize prices during the upcoming fasting month of Ramadhan.

'€œI will ask all government stakeholders here to be responsive in controlling prices, because I notice that our latest inflation print was very high,'€ Jokowi said at the State Palace on Wednesday.

'€œI hope the related ministries can find a solution to resolve [the problems] and perform market operations if needed,'€ the President added.

Chili and shallots are big factors in Indonesia'€™s inflationary pressure, as they play an important role in the diet of Indonesians.

The coordinated meeting was held after a recent announcement that Indonesia recorded 0.5 percent monthly inflation in May, taking annual inflation to 7.15 percent, the highest level this year.

It was higher than most analysts'€™ forecast of 0.3 percent, with the latest data prints being responded to negatively in the financial market.

The Jakarta Composite Index (JCI) fell 1.6 percent on Wednesday, its fourth consecutive day of losses, on concerns that the spike in inflation would dampen spending and economic growth.

Trade Minister Rachmat Gobel said the government was very concerned about the sufficiency of the food supply ahead of Ramadhan and Idul Fitri, when demand for food commodities is normally on the rise.

'€œSpecifically for shallots and chili, their prices have risen and the government is ready to import [the commodities] to control prices,'€ Rachmat told reporters after the two-hour meeting.

Data from the Central Statistics Agency (BPS) showed that last month the price of chili climbed 22 percent month-to-month throughout Indonesia, at the same time as when prices of egg and shallot climbed by 6 percent.

In some provinces such as Aceh and North Sumatra, the chili price skyrocketed by more than 90 percent, according to the statistics office.

'€œWe do not want a repeat of last year, when the price of chili soared to Rp 130,000 [US$9.8] per kilogram,'€ the minister said, when asked about the rationale behind his policy.

While beginning imports for chili and onions, Rachmat said the government so far saw no need to import rice, the main staple for Indonesia'€™s 240 million citizens.

Rice imports, which have always been a politically sensitive issue in Indonesia, would be the government'€™s last resort, said Rachmat, citing the sufficiency of rice supply and their stable prices until now.

'€œBulog has continually purchased rice to strengthen its supply, which should be sufficient for at least six months from now,'€ Coordinating Economic Minister Sofyan Djalil said, referring to the State Logistics Agency, which supplies rice in the market to stabilize prices.

In the meeting, Jokowi also ordered his ministers and law enforcers to perform crackdowns against what he called '€œspeculators'€ who allegedly benefitted from price increases through the hoarding of food commodities.

'€œOf course, there have been many parties who benefit from the current situation by smuggling or hoarding the food commodities and manipulating their prices,'€ said National Police chief Comr. Gen. Badrodin Haiti, who was also invited to the President'€™s meeting with economic ministers.

'€œWe have made some arrests on the smuggling of shallots, and we are now already moving to do the same thing with rice. My message to businesspersons is this: do not ever attempt to do any illicit practices, or you will risk dealing with the law,'€ warned Badrodin.