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View all search resultsConsumer confidence, retail sales dip further after rate hikes
Central bank indexes measuring consumer confidence and retail sales both dipped in June, pointing to ongoing weakness in household spending as a key pillar of Indonesia’s economy.
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A vendor serves customers shopping for staple foods on June 11 at Kahayan Market in Palangka Raya, Central Kalimantan. (Antara/Auliya Rahman)
C
entral bank surveys indicate weakening consumer confidence and retail sales on the back of recent interest rate hikes, suggesting households may tighten their belts in the coming months.
The consumer confidence index (CCI) dipped to 117.8 points in June from 120.9 points in the preceding month, according to a monthly survey released by Bank Indonesia (BI) on Wednesday.
BI spokesperson Ramdan Denny Prakoso said in a press statement released together with the survey results that the CCI demonstrated that confidence “in economic conditions is maintained”.
The reading remained well above the 100-point threshold that separates optimism from pessimism but the indicator has been on a downward trend since the beginning of the year and is close to the multiyear low of 115 points registered in September last year.
The CCI peaked at 127 points in December and has since dropped from month to month save for a marginal uptick in April on account of the Idul Fitri spending boost, which this year fell in March.
The current economic conditions subindex, one of two subindexes that make up the CCI that is calculated by comparing respondents’ assessments of today’s conditions with those of six months ago, fell by three points from 112.3 in May to 109.2 points in June.
Views on job availability, current income and durable goods purchases, the three components that constitute the subindex, tumbled by up to 3.4 points.
