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The Government and Bank Indonesia have agreed five strategic measures to strengthen inflation control at a High-Level Meeting of the Central Inflation Control Team (HLM TPIP) held on 9th March 2022. The strategic measures aim to consistently maintain inflation in 2022 within the 3.0%±1% target corridor, while sustaining national economic recovery momentum. The strategic measures are as follows:
The HLM TPIP also agreed to ensure the implementation of policies and work programs in accordance with the Inflation Control Roadmap 2022-2024. Policy synergy created by the Government and Bank Indonesia through implementation of various program innovations to maintain stable supply and seamless distribution during the pandemic has effectively controlled Consumer Price Index (CPI) inflation. In 2021, low CPI inflation of 1.87% (yoy) was recorded, which is below the 3.0%±1% target. Low headline inflation stemmed from domestic demand compressed by the Covid-19 pandemic, stable exchange rates and anchored inflation expectations, adequate supply and smooth distribution of foodstuffs as well as policy synergy between the Government and Bank Indonesia to maintain price stability.
Moving forward, the central and regional governments and Bank Indonesia remain firmly committed to strengthening synergy and maintaining CPI inflation within the target corridor. Such efforts are expected to increase public purchasing power as an integral part of the National Economic Recovery program despite intensifying global risk. Low and stable inflation will strengthen stability and foster a sustainable economic recovery towards an advanced Indonesia (Indonesia Maju – Onward Indonesia).
The HLM TPIP was chaired by the Coordinating Minister for Economic Affairs and attended by the Governor of Bank Indonesia, Minister of Trade, Minister of Agriculture, Minister of Transport, Deputy Minister of Finance, Chairman of BPS-Statistics Indonesia, CEO of Indonesian Bureau of Logistics (Bulog), as well as echelon I officials and/or representatives from other government ministries/agencies and inflation control teams (TPIP).
Jakarta, 9th March 2022
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