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According to data published by BPS-Statistics Indonesia, the Consumer Price Index (CPI) recorded 0.09% (mtm) inflation in May 2023, down from 0.33% (mtm) one month earlier. Annually, therefore, headline inflation fell to 4.00% (yoy) in the reporting period from 4.33% (yoy) in April 2023. The latest developments were attributable to the pre-emptive and forward-looking monetary policy response instituted by Bank Indonesia, coupled with close synergy to control inflation between Bank Indonesia, the central and regional government and other strategic partners 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 3.0%±1% target corridor for the remainder of 2023.
CPI inflation in 2023 was primarily edged down by lower core inflation. Core inflation decreased to 0.06% (mtm) in the reporting period from 0.25% (mtm) a month earlier. Core inflation developments were consistent with the normalisation of demand after the Eid-ul-Fitr festive period, coupled with milder inflationary pressures on international commodity prices. The main contributors to lower core inflation were clothing and footwear. Annually, core inflation in May 2023 stood at 2.66% (yoy), lower than the 2.83% (yoy) recorded in April 2023.
Volatile food (VF) inflation increased in May 2023. VF inflation climbed to 0.49% (mtm) in the reporting period from 0.29% (mtm) in April 2023, primarily due to higher prices of shallots, purebred chicken meat and purebred chicken eggs. Further increases were offset, however, by price corrections affecting various chili varieties. Annually, VF inflation fell to 3.28% (yoy) in May 2023 from 3.74% (yoy) in April 2023.
Administered prices (AP) recorded 0.25% (mtm) deflation in May 2023 after recording 0.69% (mtm) inflation the month earlier. This was due to seasonal trends after the Eid-ul-Fitr national religious holiday (HBKN), as reflected by lower air fares and intercity ticket prices after the Eid-ul-Fitr period. Deeper deflation was negated, however, by higher prices of filtered clove cigarettes in response to higher tobacco excise tax. Annually, AP inflation stood at 9.52% (yoy) in the reporting period, down from 10.32% (yoy) one month earlier.
Jakarta, 5th June 2023
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