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Inflation drops further to just above low end of BI target range
The BPS revealed on Monday that Indonesia's inflation rate dropped to 1.55 percent in November, just 0.05 percentage point above the lowest end of BI's target range, marking the slowest annual rise since July 2021.
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Vendors arrange their goods on April 3, 2022, while awaiting customers at a traditional market in Tangerang, Banten. (AFP/Adek Berry)
T
he inflation rate in Indonesia dropped to 1.55 percent in November, according to official data published on Monday, inching closer to the low end of Bank Indonesia's (BI’s) target range of between 1.5 percent and 3.5 percent.
The figure marks the slowest year-on-year (yoy) rise in the consumer price index (CPI) since July 2021, when the country, like most of the world, was reeling economically from the blow of the COVID-19 pandemic.
Read also: Annual inflation hits post-COVID low as prices fall for fifth straight month
Statistics Indonesia (BPS) interim head Amalia Adininggar Widyasanti told a press conference on Monday in Jakarta that the CPI for November had increased 0.3 percent month-to-month (mtm), higher than the 0.08 percent monthly increase recorded in October.
The key items driving up overall consumer prices in November were food products like shallots, tomatoes, chicken and cooking oil, but gold jewelry also contributed, she said.
Global spot prices of the precious metal have rallied around 30 percent over the past year.
“Gold jewelry commodities have continued to experience inflation over the past 15 months,” Amalia said during Monday’s press conference, which was broadcast live.
