Jakarta: Bank Indonesia (BI) predicts that inflation will remain under control in the range of 3 plus or minus 1 percent in the remainder of 2023 and 2.5 plus or minus 1 percent in 2024.
This refers to inflation which until June 2023 is still maintained within the target of 3 plus or minus 1 percent.
Consumer Price Index (CPI) inflation in June 2023 was recorded at 3.52 percent (year-on-year/yoy) so that it is within the target of 3 plus minus 1 percent.
"Inflation is back within target faster than expected," BI Governor Perry Warjiyo said in a press conference, quoted on Wednesday, July 26, 2023.
He explained that the decline in inflation occurred in all groups. June 2023 core inflation was recorded at 2.58 percent yoy, lower than inflation in the previous month of 2.66 percent yoy.
"(This decline) was influenced by stable exchange rates, falling global commodity prices, low follow-up inflation from volatile food inflation, and controlled inflation," he said.
Inflation in the volatile foods category was recorded at 1.20 percent yoy, down from the previous month's inflation of 3.28 percent yoy.
Meanwhile, administered prices inflation also declined from 9.52 percent yoy to 9.21 percent yoy.
He revealed, returning inflation to within the target as a positive result of monetary policy stability and the close synergy in controlling food inflation between Bank Indonesia and the Government (Central and Regional) in TPIP and TPID through strengthening GNPIP in various regions.
"With these developments, Bank Indonesia ensures that inflation remains under control in the range of 3.0 plus minus 1 percent in the remainder of 2023 and 2.5 plus minus 1 percent in 2024," he said.
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