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JAKARTA : Indonesia’s annual inflation rate edged up to 2.56 per cent in October, official data showed on Wednesday, roughly in line with expectations and safely within the central bank’s target range for 2023.
A Reuters poll of economists had expected the consumer price index to have risen 2.60 per cent on a yearly basis in October, compared with the previous month’s 2.28 per cent inflation rate.
Bank Indonesia (BI) targets inflation within a range of 2 per cent to 4 per cent this year. The target will be lowered to 1.5 per cent to 3.5 per cent in 2024.
Inflation in Indonesia has slowed since peaking near 6 per cent in September of 2022, after the government raised subsidised fuel prices amid rising global energy prices.
BI has raised interest rates by 250 basis points since August 2022 to cool inflation, with its latest rate hike last month done to stabilise the rupiah’s exchange rate and mitigate against the impact of any potential imported inflation.
The statistics bureau is due to release core inflation data later on Wednesday.
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