Gold is the Biggest Contributor to Monthly Inflation in October 2024

According to the Central Bureau of Statistics (BPS) report, Indonesia experienced a monthly inflation rate of 0.08% in October 2024 (month-to-month/mtm).

"This October 2024 inflation ends the deflationary trend that has occurred since May 2024," said the Acting Head of BPS, Amalia Adininggar Widyasanti, in a press conference on Friday (1/11/2024).

Based on commodities, gold and jewelry were the largest contributors to monthly inflation in October 2024, at 0.06%.

According to Amalia, this occurred in line with the rise in global gold prices, influenced by geopolitical uncertainty, such as the conflict in the Middle East and the Russia-Ukraine war.

"Gold is considered a safe haven asset. Besides geopolitical conditions, the increase in gold prices is certainly due to the monetary policy implemented by The Fed," she said.

Next, broiler chicken contributed 0.04% to monthly inflation, followed by shallots at 0.03%, and tomatoes and rice with side dishes, each contributing 0.02%.

In October 2024, monthly inflation occurred in 28 provinces, while 10 other provinces experienced monthly deflation.

The highest monthly inflation occurred in Maluku Province at 0.65% (mtm). The deepest monthly deflation occurred in North Maluku Province at -1.05% (mtm).