Jakarta Consumer Price Index (CPI) in October 2022, which experienced month-to-month (mtm) deflation of 0.11 percent, was lower than the initial forecast and inflation of the previous month recorded at 1.17 percent, Bank Indonesia (BI) stated.
Executive Director of the Head of the BI Communications Department Erwin Haryono said the lower-than-expected inflation realization was in line with the impact of the fuel price adjustment on the volatile food group inflation and the inflation in the administered prices group, which was not as high as the initial forecast.
"Meanwhile, core inflation remains low in line with the lower propagation impact of the fuel price adjustment and the lack of strong inflationary pressure from the demand side," Haryono noted in an official statement here on Tuesday.
With these developments, annual CPI inflation was recorded at 5.71 percent, or lower than the initial forecast and the previous month's CPI inflation of 5.95 percent.
The decline in CPI inflation was in line with the closer policy synergy between the central and regional governments, BI, and various other strategic partners through the Central and Regional Inflation Control Team (TPIP-TPID).
"Hence, Bank Indonesia expresses its appreciation to all policy makers, who jointly maintain price stability, so as to support the people's purchasing power and encourage economic recovery," Haryono remarked.
For 2022, BI views inflation as lower than the initial forecast, albeit still above the target of three percent, give or take one percent.
"Policy synergy between the central and regional governments and Bank Indonesia will continue to be strengthened to ensure that inflation returns to the set target soon," he affirmed.
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