Indonesia Inflation November 2022

Indonesia

Indonesia: Inflation declines to lowest level since August in November

December 2, 2022

Inflation came in at 5.4% in November, down from October’s 5.7%. November's result marked the lowest inflation rate since August. The bounce back in price pressures was largely due to increasing prices for clothing and footwear.

Annual average inflation rose to 3.9% in November (October: 3.6%). Meanwhile, core inflation was stable, coming in at October's 3.3% in November.

Lastly, consumer prices increased 0.09% in November over the previous month, swinging from the 0.11% fall logged in October.

Commenting on the release, Enrico Tanuwidjaja, economist at UOB, stated:

“Despite easing of inflation last month, we continue to keep our 2022 average inflation forecast of 4.4% before averaging lower to 4.0% next year as we continue to view that inflation may still be elevated amidst the secondary impact from fuel price adjustments onto other parts of CPI baskets but currently remained delayed.”

FocusEconomics panelists project inflation of 3.1% in 2023, which is unchanged from last month’s forecast. In 2024, inflation is seen averaging 2.8%.


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