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Jakarta Post

Inflation safely within BI target range at start of Ramadhan

  • Marchio Irfan Gorbiano

    The Jakarta Post

Jakarta   /   Sat, May 19, 2018   /   07:33 am
Inflation safely within BI target range at start of Ramadhan Bank Indonesia Governor Agus Martowardojo (Antara/Muhammad Adimaja)

Inflation remains well below the upper limit targeted by Bank Indonesia (BI) as the country heads into the fasting month, which typically sees food prices rise.

As of the third week of May, according to a BI survey, year-on-year (yoy) inflation was recorded at 3.24 percent, safely within the government’s target range of 2.5 percent to 4.5 percent for this year.

The figure marks a slowdown from April, when annual inflation was recorded at 3.41 percent, according to data from the Central Statistics Agency (BPS).

BI Governor Agus Martowardojo urged the government to anticipate rising commodity prices, including prices of chicken, eggs and shallots, by ensuring sufficient supplies during Ramadhan, a period traditionally marked by increased consumer demand.

“We have to anticipate pressure on several commodity prices in the period leading to and during Ramadhan. We are communicating [with the government] to ensure commodity stocks,” Agus said in Jakarta on Tuesday.

He expressed his optimism that inflation would be on target this year thanks to the government’s promise not to raise administered prices, which include those for subsidized fuel and electricity. (bbn)

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