Consumer Price Index: Rising Inflationary Pressures in Indonesia as Year-End Festive Season Approaches
After a six-month period of either deflation or very low inflation (all driven by easing food prices), the month of November finally brought some more significant inflation to Indonesia as we approach the end of 2024 (meaning: arrival of the festive season).
The latest consumer price index data that were released by Indonesia’s Statistical Office (Badan Pusat Statistik, or BPS) on 2 December 2024 set the headline inflation rate at 0.30 percent month-on-month (m/m) in November 2024. Table 1 shows that it has been a while (about seven months) since Indonesia last saw inflation around this level.
Below, we’ll see that rising food prices was what pushed the index to a higher level, which is a normal phenomenon in the last two months of the annum as Indonesian society is getting ready for the Christmas and New Year celebrations.
Meanwhile, annual headline inflation of Indonesia eased from 1.71 percent year-on-year (y/y) in October 2024 to 1.55 percent (y/y) in November 2024, thus touching the country’s lowest inflation level since July 2021.
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