Indonesia: Inflation Rate_September 2023

Indonesia:  September  Inflation Rate

Stays Contained

Headline Inflation at 0.19% Month-on-Month (MoM)

Indonesia’s headline Consumer Price Index (CPI)  for September this year was released at an MoM rate of  0.19% (August: -0.02%), and a Year-On-Year (YoY) rate of 2.28% (August: 3.27%). The annual September figure is in line with the consensus estimate of 2.2%, while the monthly figure is slightly higher than the consensus estimate of 0.08%. The annual inflation figure in September also marks a new ground since the government increased the price of subsidized fuel last year (in Chart 1). Given the latest development, the central bank Bank Indonesia states a target of an inflation rate of 2.5±1% in 2024 (2023: 3.0±1%).

Cheers,