The inflation rate in Indonesia dropped to 1.55 percent in November, according to official data published on Monday, inching closer to the low end of Bank Indonesia's (BI’s) target range of between 1.5 percent and 3.5 percent. The figure marks the slowest year-on-year (yoy) rise in the consumer price index (CPI) since July 2021, when the country, like most of the world, was reeling economically from the blow of the COVID-19 pandemic. Statistics Indonesia (BPS) interim head Amalia Adininggar Widyasanti told a press conference on Monday in Jakarta that the CPI for November had increased 0.3 percent month-to-month (mtm), higher than the 0.08 percent monthly increase recorded in October. The key items driving up overall consumer prices in November were food products like shallots, tomatoes, chicken and cooking oil, but gold jewelry also contributed, she said. Global spot prices of the precious metal have rallied around 30 percent over the past year. “Gold jewelry commodities have continued to experience inflation over the past 15 months,” Amalia said during Monday’s press conference, which was broadcast live. She also pointed to a seasonal effect on the shallot harvest that drove up the staple food’s prices in November: “July, August and September are the peak of the dry season. The Agriculture Ministry noted that shallot planting by farmers in the August-September period for harvesting in November was low [...] which led to a decrease in shallot production.” Core inflation, which strips out government-controlled prices and volatile food prices from the headline figure, reached 2.21 percent in November, the highest since July 2023. BI does not have a target for core inflation, but its officials often say the central bank’s interest rate policy is also aimed at managing core inflation, which better reflects demand pressures. In a statement issued on Monday, Bank Danamon predicted that BI was likely to remain cautious amid easing domestic inflation, as its focus remained on preventing excessive currency movements.(source:https://www.thejakartapost.com/business/2024/12/02/inflation-drops-further-to-just-above-low-end-of-bi-target-range.html) (ICE GIACARTA)

Fonte notizia: The Jakarta Post, 2/12/2024