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Jakarta Post

BI revises down 2017 inflation prediction made in April

  • News Desk

    The Jakarta Post

Jakarta   /   Tue, June 13, 2017   /   04:32 pm
BI revises down 2017 inflation prediction made in April Bank Indonesia Governor Agus Martowardojo speaks at a press conference at the central bank's headquarters in Jakarta (Antara/Akbar Nugroho Gumay)

Bank Indonesia (BI) has revised down its 2017 inflation rate prediction made in April from 4.63 percent to 4.36 percent, BI governor Agust Martowardjojo said on Monday.

It, however, is still higher than the last year figure, which was at 3.02 percent.

The decision was made after taking into account declining consumer prices in May, compared to the prices from January to April, said Agus as reported by Antara.

He added that BI had corrected its prediction because the impact of the administered prices — particularly the electricity tariff increase for 900 VA customers — to inflation was not as strong as previously predicted.

The central bank is also confident in the government’s ability to control food prices from January to May.

It said the contribution of volatile foods to the inflation up to May was at 3.26 percent, while the contribution of administered prices was at 9.14 percent. (bbn)