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View all search resultsDeflation recorded for record third month
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I
ndonesia is likely to see a deeper economic contraction in the third quarter as the country has recorded a decline in three consecutive months for the first time since the 1999 Asian financial crisis, signaling weak purchasing power.
The consumer price index (CPI) fell 0.05 percent in September from a month earlier, driven by lower airline fares and food prices. Deflation stood at 0.05 percent month-on-month in August after 0.1 percent monthly deflation in July, according to Statistics Indonesia (BPS) data.
On that basis, Indonesia’s annual inflation stood at 1.42 percent in September, far below Bank Indonesia’s (BI) target of 2 to 4 percent this year.
“The supply side is strong enough but unfortunately, purchasing power remains weak,” BPS head Suhariyanto told reporters during a virtual presser on Thursday.
