Annual inflation well-maintained at 4.94% in July

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Annual inflation well-maintained at 4.94% in July

Screenshot—Head of Statistics Indonesia, Margo Yuwono, delivering his remarks at a press conference in Jakarta on Monday (August 1, 2022). (ANTARA/AstridFaidlatulHabibah/uyu)

Jakarta (ANTARA) - Indonesia's inflation rate was recorded at 4.94 percent year-on-year (yoy) in July 2022, showing the condition was quite well-maintained. Statistics Indonesia (BPS) head Margo Yuwono informed at a press conference here on Monday.   

Meanwhile, core inflation was at 2.85 percent, which was also relatively low, he added. "Compared to several (other) G20 countries, in particular, our inflation is still relatively under control," he said.

According to the latest inflation data from the Organisation for Economic Cooperation and Development (OECD), as of June 2022, Indonesia’s inflation reached 4.4 percent yoy. Meanwhile, inflation in South Korea, the United Kingdom, the United States, and the European Union was recorded at 6.1 percent, 8.2 percent, 9.1 percent, and 9.6 percent yoy, respectively. “It illustrates that our economic fundamentals are still well,” the BPS head said.

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So far, the global food and energy crises have affected domestic inflation -- especially since the inflation in the energy sector has continued to increase, he added. “(However,) the (people’s burden due to the) increase in energy prices has been able to be reduced due to the subsidies provided by the government," he said.

The government has increased the energy subsidy budget from Rp443 trillion (US$29.66 billion) to Rp520 trillion (US$34.8 billion) and has refused to raise the price of fuel, liquefied petroleum gas (LPG), and electricity tariffs in the midst of soaring global energy prices.

Meanwhile, food inflation has mostly been caused by disruptions in the domestic supply of basic commodities due to bad weather in a number of regions. Yuwono also informed that the inflation rate rose by 0.64 percent month-to-month (mtm) in July 2022, as the Consumer Price Index (CPI) climbed to 111.8 from 111.09 in June 2022.

The commodities whose rising prices contributed the most to inflation in July 2022 were red chili, air transportation services, shallots, fuel for households, and labuyo chili (Capsicum frutescens).

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Editor: I Komang Suparta