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Indonesia Inflation November 2023

Indonesia: Inflation rises in November

Inflation came in at 2.9% in November, up from October’s 2.6%. Looking at the details of the release, transport prices rose at a quicker pace in November compared to the previous month, while price pressures for housing, water, electricity and household fuels eased.

The trend pointed down slightly, with annual average inflation coming in at 3.9% in November (October: 4.1%). Meanwhile, core inflation was stable, coming in at October’s 1.9% in November.

Lastly, consumer prices rose 0.38% over the previous month in November, accelerating from the 0.17% rise seen in October. November’s result was the highest reading since December 2022.

Analysts at the EIU commented on the outlook:

“We expect the sticky trend in inflation to continue in the coming months, before easing more discernibly in the second half of 2024, as global food and energy prices stabilise. We forecast that headline inflation will average 2.5% in 2024, supporting household spending and allowing the central bank to consider a cumulative 50-basis-point monetary policy loosening in the later part of 2024.”

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