Extraordinary! For the Fifth Straight Month Indonesia Experiences Deflation in September 2024
Something very unusual is happening in Indonesia (something we normally only see during crises). The latest consumer price index data released by the Statistical Office of Indonesia (Badan Pusat Statistik, BPS) show that Indonesia experienced its fifth consecutive month of deflation in September 2024.
With deflation at 0.12 percent month-on-month (m/m) in September 2024, we can also expect a significant change in the annual inflation rate as September 2023 had brought inflation at 0.19 percent (m/m). Indonesia’s annual headline inflation eased from 2.12 percent (y/y) in August 2024 to 1.84 percent (y/y) in September 2024, the lowest since November 2021 when Indonesia was in the early stage of recovery from the COVID-19 crisis.
Meanwhile, cumulatively, inflation in Indonesia reached 0.74 percent in the January-September 2024 period. And so Indonesian inflation is very much under control, and should therefore not be a reason to block any looming interest rate cuts. The central bank of Indonesia (Bank Indonesia) kept its outlook for Indonesian inflation in the range of 1.5–3.5 percent (y/y) for full-2024.
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