Economist Enrico Tanuwidjaja and Junior Economist Agus Santoso at UOB Group give their opinion on the release of inflation data in Indonesia. Key Take
Economist Enrico Tanuwidjaja and Junior Economist Agus Santoso at UOB Group give their opinion on the release of inflation data in Indonesia.ndonesia's headline inflation in Aug rose to 3.3% y/y viz. 3.1% in Jul on the back of higher food and fuel prices. The increase in food prices was mainly driven by higher prices of rice, garlic, chicken meat, and eggs due to limited supply and higher production costs.
Inflation in Aug 2023 in line with consensus forecast of 3.3% y/y. However, there is still notable potential upside risks to prices due to several factors. The risk of global food supply chain disruption has started to impact Indonesia's food prices, especially rice, wheat and corn. In addition, Pertamina's policy to increase fuel prices on Sep 1, 2023 is also expected to drive up fuel inflation to continue in Sep’23.
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