This also means that Indonesia’s annual inflation rate has declined from 2.84% year-on-year (y/y) in May 2024 to 2.51% (y/y) in June 2024, implying that price pressures are relatively modest in Indonesia and have remained well within the central bank’s target range of 1.5-3.5% (y/y) for the full year 2024.
According to the latest BPS data, only one factor caused the overall deflation in Indonesia in June 2024: the decline in food prices. As a direct result of the decline in the prices of onions, tomatoes, chicken meat, chicken eggs and garlic, the BPS data shows that the expenditure group “food, beverages and tobacco” contracted by 0.49% (month-on-month). The decline in food prices comes in the wake of the harvest season and the “low demand season” that followed the end of the Idul Fitri celebrations in April.
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