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Inflation eases further for fourth consecutive month
Year-on-year (yoy) inflation fell for a fifth consecutive month in August, as the consumer price index (CPI) contracted on a month-to-month (mtm) basis for a fourth month in a row.
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A woman carries goods over her head at a traditional market in Surabaya, East Java, on April 5, 2023.
(AFP/Juni Kriswanto)
Y
ear-on-year (yoy) inflation fell for a fifth consecutive month in August, as the consumer price index (CPI) contracted on a month-to-month (mtm) basis for a fourth month in a row.
The CPI fell by 0.03 percent mtm in August, extending a trend observed since May of this year, according to Statistics Indonesia (BPS) data released on Monday. In the previous month, it declined 0.18 percent mtm.
Inflation, meanwhile, slowed to 2.12 percent yoy in August, a slight drop from the 2.13 percent yoy recorded in July. The figure remains within Bank Indonesia’s (BI) target range of between 1.5 and 3.5 percent for this year.
BPS undersecretary for services and distribution statistics Pudji Ismartini told a press briefing on Monday that the slight drop in August consumer prices was mainly driven by lower prices in the “food, beverages and tobacco” category.
Read also: Hopes rise for BI-Rate cut on lower inflation, Fed signals
On monthly basis, key commodities such as shallots, chicken, tomatoes and eggs were among the top contributors to the monthly price decline.
