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Indonesia consumer confidence plunges to five-month low

The recent fuel hike is causing a downward spiral in consumer perception across the country, as shown by the central bank’s headline index.

Fadhil Haidar Sulaeman (The Jakarta Post)
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Jakarta
Tue, October 11, 2022

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Indonesia consumer confidence plunges to five-month low Shoppers browse palm cooking oil on March 27, 2022 at a supermarket in Jakarta. (Reuters/Willy Kurniawan)

C

onsumers have become less optimistic about the national economy as the ripple effect of the fuel price hike spreads across the country, a Bank Indonesia (BI) survey shows.

The central bank’s latest report published on Monday showed that the consumer confidence index (CCI) dropped by 7.5 points to 117.2 in September, the lowest level in five months.

The CCI takes into account consumer perceptions about the overall macroeconomic situation as well as personal income and job prospects.

The economic conditions subindex also fell by 3.7 points to 108.3, the lowest since April, while the expectations subindex tanked by 11.6 points to 126.1, the lowest figure this year.

Although the CCI remains in positive territory above 100, the latest figures are far below the headline index’s highest level recorded this year, reaching 128.9 points in May.

“Consumer confidence in the economic conditions remains solid [...] despite retreating from 124.7 a month earlier,” BI communication director Junanto Herdiawan stated in a press release on Monday.

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