Jakarta: The latest Retail Sales Survey conducted by Bank Indonesia (BI) showed how retail sales tracked a seasonal decline in January 2020 as public consumption returned to normal after the recent yearend festive period.
The downturn was corroborated by a deeper contraction in the Real Sales Index (RSI) from -0.5 percent (yoy) in December 2019 to -3.1 percent (yoy), weighed down by cultural and recreational goods as well as clothing.
Retail sales performance in the fourth quarter of 2019 improved on the previous period, with RSI growth slightly accelerating to 1.5 percent (yoy) from 1.4 percent (yoy) in the third quarter of 2019.
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"The main contributors to the increase were solid retail sales of food, beverages and tobacco, other household equipment as well as spare parts and accessories," the central bank said in a press release issued on Tuesday, February 11, 2020.
Retailers expected prices to normalise after the Ramadan and Eid-ul-Fitr festive period and hence predicted milder inflationary pressures at least until June 2020, as reflected by a decrease in the 6-month Price Expectations Index (PEI) to a level of 166.0 from 177.8 one month earlier.