Indonesia Inflation March 2022


Indonesia: Inflation comes in at highest level since April 2020 in March

April 1, 2022

Consumer prices increased 0.66% over the previous month in March, swinging from February's 0.02% drop and marking the highest reading since December 2017. March's figure was driven by quicker price growth for food and non-alcoholic beverages.

Inflation increased to 2.6% in March, above February’s 2.1%. March's figure marked the highest inflation rate in nearly two years. Annual average inflation edged up to 1.8% in March (February: 1.7%). Lastly, core inflation rose to 2.4% in March, from the previous month's 2.0%.

Commenting on the outlook, Nicolas Mapa, senior economist at ING, commented:

“We believe both headline and core inflation will heat up considerably in the near term and we can expect the central bank to be on alert […] A rate hike may do little to stem inflationary pressures but it should work to anchor inflation expectations and shore up the Indonesian rupiah ahead of the next Federal Reserve policy meeting.”

FocusEconomics panelists project inflation of 3.2% in 2022, which is up 0.2 percentage points from last month’s forecast. In 2023, inflation is seen averaging 3.2%.


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Indonesia Inflation Chart

Indonesia Inflation March 2022

Note: Annual and monthly variation of consumer price index in %.
Source: Statistics Indonesia (BPS) and FocusEconomics calculations.

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