Financial News: Indonesian Inflation Slows Slightly To 3.0%

Indonesian Inflation Slows Slightly To 3.0%

05/02/2024 - 07:01:00 (RTTNews)

(RTTNews) - Indonesia's consumer price inflation eased marginally in April after rising in the previous two months, data from the statistics bureau showed on Thursday.

The consumer price index climbed 3.00 percent year-on-year in April, following a 3.05 percent increase in March. The expected rate was 3.06 percent.

Further, the inflation rate has remained within the central bank's target range of 1.5-3.5 percent.

Meanwhile, core inflation rose somewhat to 1.82 percent in April from 1.77 percent a month ago. Economists had forecast a growth rate of 1.76 percent.

The annual price growth in food items softened to 7.04 percent from 7.43 percent.

Health costs were 2.17 percent higher compared to last year, and those for housing increased by 0.55 percent.

On a monthly basis, consumer prices rose 0.25 percent in April, versus an expected increase of 0.21 percent.

Last month, Bank Indonesia unexpectedly raised policy rates in response to significant pressure on the rupiah's devaluation.

"We believe the bar for additional policy tightening remains high," Nicholas Mapa, senior economist at ING, said.

"However, potential bouts of extreme depreciation pressure on the IDR could prod the central bank to tighten policy before the end of the year."

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