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Communication Department​​​

4/2/2024 12:00 AM
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Inflation Under Control in March 2024

Government Press Release

No. 26/65/DKom 

Consumer Price Index (CPI) inflation in March 2024 was maintained within the 2.5%±1% target corridor.  Based on inflation data published by BPS-Statistics Indonesia, CPI inflation in March 2024 was recorded at 0.52% (mtm), or 3.05% (yoy) annually. Inflation was maintained within the target range as a result of monetary policy consistency and close synergy to control inflation between Bank Indonesia and the (central and regional) Government in the National and Regional Inflation Control Teams (TPIP and TPID) through the National Movement for Food Inflation Control (GNPIP) in various regions. Moving forward, Bank Indonesia is confident that inflation will remain manageable in the 2.5%±1% target corridor in 2024.

Low core inflation was maintained.  Core inflation in March 2024 stood at 0.23% (mtm), up from 0.14% (mtm) the month earlier, primarily in response to a seasonal spike in demand during the Ramadan and Eid-ul-Fitr festive period.  The main contributors to core inflation in the reporting period were gold jewellery, cooking oil and rice with a side dish.  Annually, core inflation in March 2024 was recorded at 1.77% (yoy), increasing from 1.68% (yoy) the month earlier.

Volatile food (VF) inflation tracked an upward trend. VF inflation in March 2024 increased to 2.16% (yoy) from 1.53% (mtm) in the previous period, primarily edged upwards by purebred chicken eggs, purebred chicken meat and rice.  Higher food prices were mainly attributable to seasonal factors during the national religious holiday (HBKN) period and a delayed planting season caused by the El Niño weather phenomenon.  Further increases were offset, however, by lower prices of red chilis and tomatoes. Annually, VF inflation stood at 10.33% (yoy), up from 8.47% (yoy) one month earlier.  Moving forward, Bank Indonesia expects VF inflation to fall as production increases at the onset of the harvesting season, supported by inflation control synergy with the TPIP and TPID teams through the GNPIP movement in various regions, thus strengthening efforts to maintain stability.

Administered prices (AP) recorded lower inflation in the reporting period.  Administered prices posted 0.08% (mtm) inflation in March 2024, falling from 0.15% (mtm) the month earlier due to lower airfares.  Further disinflation was offset by higher prices of machine-rolled clove cigarettes as producers transmitted higher excise duties on tobacco to consumers.  Annually, AP inflation was recorded at 1.39% (yoy), down from 1.67% (yoy) the month earlier.


Jakarta, 1st April 2024

Communication Department

Erwin Haryono

Governor Assistant​​


Contact Center BICARA : (62 21) 131

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​​​​Working hours: Monday to Friday, 08.00-16.00 West Indonesia Time
Halaman ini terakhir diperbarui 4/22/2024 9:22 AM
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