Consumer Price Index (CPI) of Indonesia; Lowest Calendar-Year Inflation in Two Decades
Indonesia’s December 2020 headline inflation accelerated slightly more than we had expected. Based on the latest data from Statistics Indonesia (BPS) this is particularly caused by rising food prices in the context of Christmas and New Year celebrations.
On a monthly basis inflation was recorded at 0.45 percent (m/m) in December 2020, which is in fact higher than monthly inflation in the same month one year earlier (in the pre-COVID-19 crisis period). With the December data having come in, we now also can determine full-year inflation at 1.68 percent (y/y), the lowest annual figure in two decades (and it is certainly no coincidence that two decades ago Indonesia was also recovering from a crisis: the Asian Financial Crisis).
Inflation in Indonesia - Headline Consumer Price Index:
| Month | M/M Growth 2018 |
M/M Growth 2019 |
M/M Growth 2020 |
| January | 0.62% | 0.32% | 0.39% |
| February | 0.17% | -0.08% | 0.28% |
| March | 0.20% | 0.11% | 0.10% |
| April | 0.10% | 0.44% | 0.08% |
| May | 0.21% | 0.68% | 0.07% |
| June | 0.59% | 0.55% | 0.18% |
| July | 0.28% | 0.31% | -0.10% |
| August | -0.05% | 0.12% | -0.05% |
| September | -0.18% | -0.27% | -0.05% |
| October | 0.28% | 0.02% | 0.07% |
| November | 0.27% | 0.14% | 0.28% |
| December | 0.62% | 0.34% | 0.45% |
| Total | 3.13% | 2.72% | 1.68% |
Source: Badan Pusat Statistik (BPS)
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