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Jakarta Post

Inflation up, exports down

  • Esther Samboh

    The Jakarta Post

Jakarta   /   Tue, September 6 2011   /  07:00 am

An uncertain global economy has put pressure on Indonesia’s economy, as the yearly inflation rate grew in August for the first time since January over surging gold prices, while export growth slowed due to sliding global demand.

Last month, investors worldwide sold risky assets and shifted to safe havens amid mounting worries of a global economic slowdown, pushing up gold prices by 12.3 percent during August to break the historic US$1,900 per troy ounce price level.

Central Statistics Agency (BPS) chairman Rusman Heriawan said on Monday that massive spending on gold had driven up gold’s contribution to August’s headline inflation rate by 20 percent.

Headline inflation reached 0.93 percent during the month, and the year-on-year consumer prices index (CPI) picked up 4.79 percent during Ramadhan, the time of year when consumption is typically at its peak as over ...