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Indonesia Inflation

Indonesia Inflation

Inflation in Indonesia

Indonesia experienced moderate inflation between 2013 and 2022. The country's central bank, Bank Indonesia, effectively used monetary policy tools to manage inflation pressures arising from commodity price fluctuations and global economic conditions, including the COVID-19 pandemic.

Consumer price inflation in Indonesia averaged 4.1% in the ten years to 2022, above the Asia-Pacific regional average of 2.1%. The inflation rate for 2022 was 4.2%. For more inflation information, visit our dedicated page.

Indonesia Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Indonesia from 2019 to 2018.
Source: Statistics Indonesia.

Indonesia Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 3.2 2.8 2.0 1.6 4.2
Inflation (CPI, ann. var. %, eop) 3.1 2.6 1.7 1.9 5.5
Inflation (Core, ann. var. %, aop) 2.8 3.2 2.3 1.4 2.7
Inflation (WPI, ann. var. %, aop) 5.5 1.1 2.4 2.6 4.7

Inflation remains stable in April

Inflation came in at 3.0% in April, unchanged from March’s reading and slightly below market expectations. The reading was largely due to a more moderate rise in prices for food and transportation which broadly offset stronger price pressure for housing and utilities. The trend pointed down slightly, with annual average inflation coming in at 3.0% in April (March: 3.1%). Meanwhile, core inflation was stable, coming in at March's 1.8% in April. Finally, consumer prices rose 0.25% in April over the previous month, below the 0.52% increase recorded in March. April's result marked the weakest reading since January.

ING analyst Nicholas Mapa commented on the outlook for monetary policy in light of April’s inflation print: “We believe the bar for additional policy tightening remains high. However, potential bouts of extreme depreciation pressure on the IDR could prod the central bank to tighten policy before the end of the year. Today’s inflation report should keep BI on its toes with BI likely retaining its hawkish leaning for now.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Indonesian inflation projections for the next ten years from a panel of 38 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Indonesian inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Indonesian inflation projections.

Want to get access to the full dataset of Indonesian inflation forecasts? Send an email to info@focus-economics.com.

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