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Inflation rises above 3 percent as Ramadan begins
More inflationary pressure may arise in the second half of this year.
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People line up to buy basic daily necessities at a cheap market event held by the government in Surabaya, East Java, to maintain stable food supplies and prices on March 12, 2024. (AFP/Juni Kriswanto)
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nflation rose to 3.05 percent year-on-year (yoy) in March, following continued increases in key food prices across the country amid the Ramadan festive period, Statistics Indonesia (BPS) said on Monday.
March’s figure is the first time since September last year that inflation has risen above 3 percent. However, it remains within Bank Indonesia’s (BI) target of between 1.5 and 3.5 percent this year.
Acting BPS head Amalia Adininggar Widyasanti said March’s inflation marked a jump from 2.8 percent yoy recorded in the previous month. She attributed the trend largely due to rises in rice, chicken and chili pepper prices amid increased demand during Ramadan, which began on March 12.
"The monthly inflation rate in March 2024 is relatively higher than the previous month and the same month last year," Amalia said.
On a monthly basis, eggs also contributed significantly to inflation this March along with chicken and rice.
