BI Remains Committed to Monitoring Inflation

Jakarta: Based on data published by the Central Statistics Agency (BPS), the Consumer Price Index (CPI) recorded 0.12% (mtm) inflation in October 2021 after experiencing a period of 0.04% (mtm) deflation one month earlier. 
 
"CPI inflation in the reporting period was influenced by a build-up of inflationary pressures on volatile food and administered prices, coupled with milder pressures on core inflation," said Bank Indonesia (BI) Communication Department Head Erwin Haryono in a press release on Monday. 
 
Annually, CPI inflation in October 2021 stood at 1.66% (yoy), up from 1.60% (yoy) in September 2021.  

"Moving forward, Bank Indonesia remains firmly committed to maintaining price stability and strengthening policy coordination with the central and regional governments to control inflation in 2021 in line with the 3.0%±1% target corridor," the BI official added.
 
Core inflation in October 2021 was recorded at 0.07% (mtm), decreasing from 0.13% (mtm) one month earlier.  By commodity, lower core inflation stemmed primarily from decreasing gold jewellery prices in line with global prices.  Annually, core inflation in October 2021 stood at 1.33% (yoy), up slightly from 1.30% (yoy) in the previous period.  Persistently low core inflation is explained by compressed domestic demand, maintained exchange rate stability and consistent policies by the central bank to anchor inflation expectations.
 
Volatile food reversed the 0.88% (mtm) deflation recorded in September 2021 to post 0.07% (mtm) inflation in October 2021.  The turnaround was primarily triggered by higher prices of red chilies and cooking oil after the end of the harvesting season and following the rising crude palm oil (CPO) international price trend.  Annually, volatile food inflation decreased to 3.16% (yoy) from 3.51% (yoy) one month earlier.
 
Administered prices (AP) in October 2021 recorded 0.33% (mtm) inflation, increasing from 0.14% (mtm) in September 2021.  AP inflation was edged upwards primarily by airfares in line with greater air mobility after the Government relaxed mobility restrictions, as well as filtered clove cigarettes due to the knock-on effect of higher tobacco duties.  Annually, AP inflation climbed to 1.47% (yoy) in the reporting period from 0.99% (yoy) one month earlier.
 
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