Indonesia continued to bring inflation within the central bank’s target range for the third consecutive month, supported by rises in the costs of transportation, cigarettes, and some groceries, according to Statistics Indonesia BPS on Tuesday.
The consumer price index recorded at 3.08 percent year-on-year in July, eased from the previous month’s 3.52 percent and the same month last year’s 4.94 percent, while inflation in May posted at 4.00 percent.
The central bank’s target is for inflation to remain in the range of 2 percent to 4 percent, though the country recorded the highest increase of 5.95 percent in September 2022.
Indonesia’s current economic condition is relatively stable amidst the economic slowdown in most countries in the world, said Finance Minister Sri Mulyani on Monday.
However, the government remains wary of the impact of global economic uncertainty and El Nino, especially on food prices and stocks, Mulyani added.
