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View all search resultsInflation contained, for now
Experts warn of rising price pressure going forward, as fuel price hikes will only fully reflect in May data.
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Motorists line up on March 31 to refuel at a gas station owned by state-owned oil and gas company Pertamina in Depok, West Java, as the government announces limits on subsidized fuel sales to counter the impact of the United States-Israeli war on Iran. (Reuters/Ajeng Dinar Ulfiana)
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nflation remained within safe bounds last month despite mounting pressure from skyrocketing energy prices, but experts have warned of rising price pressure in the months to come.
The consumer price index (CPI) was up 2.42 percent year-on-year (yoy) in April, according to Statistics Indonesia (BPS) data presented on Monday, landing almost exactly the middle of the central bank’s inflation target range of 1.5 to 3.5 percent.
BPS official Ateng Hartono revealed in a press conference on Monday that the largest price driver was the food, beverages and tobacco product group, with heavy hitters including consumer staples like fresh fish, broiler chicken meat, rice and cooking oil.
Following that was the personal care and other services group, driven mainly by gold products. The price of the precious metal was up around 40 percent yoy in global markets at the end of April, pushed by central bank demand.
Inflation in transportation, on the other hand, was relatively low in April, with just a 1.61 percent yoy increase in consumer prices, despite the fact that global oil prices have shot up by more than 50 percent since the United States and Israel attacked Iran in February.
In response, Tehran blocked most maritime traffic through the Strait of Hormuz, a vital sea route for getting oil and gas from the Persian Gulf onto the global market, while a US blockade of Iranian ports further constrained energy supplies.
