Indonesia: Inflation loses traction in July – UOB – by pabspiovano Indonesia Inflation CPI Banks
Economist Enrico Tanuwidjaja and Junior Economist Agus Santoso at UOB Group comment on the latest release of inflation figures in Indonesia.Indonesia's headline inflation in Jul eased to 3.1% y/y viz. 3.5% in Jun, underpinned largely by decrease in agricultural commodities due to an improvement in food production and stocks. The implementation of agricultural technology and high-productivity seeds of red onion and chili lifted its productivity and drive deflation of these commodities in Jul.
Jul’s inflation reaffirms that headline inflation may moderate to under 3% y/y in 3Q2023. However, there are still notable potential upside risks to prices. First, the impact of climate change, namely El Nino that could cause a decrease in the supply of goods and increasing prices. It has been seen from the increase in food commodity prices in several regions.
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