Year-End Inflation Could Reach 6 Percent if Fuel Prices Rise

Economics & Macro

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Dzulfiqar Fathur Rahman 01/09/2022 17:30 WIB

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Bank Mandiri has projected that the planned increase in fuel prices (BBM) has the potential to drive inflation to 6% by the end of 2022.

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Annual Inflation Rate (2018–2022)

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Bank Mandiri estimates that Indonesia's inflation rate at the end of 2022 will exceed Bank Indonesia (BI)'s target. The upper limit set by the authority is 4% year-on-year (yoy).

The government's plan to raise fuel prices is expected to push the annual inflation rate to 6% by the end of 2022. In August, the annual inflation rate eased to 4.69% from 4.94% the previous month, according to data from the Central Statistics Agency (BPS).

However, consumer goods and services prices could increase faster if the price of Pertalite rises to Rp10,000 per liter from Rp7,650 per liter and Solar to Rp7,200 per liter from Rp5,150 per liter.

BPS reported that the Consumer Price Index (CPI) for the transportation group increased by 6.62% in August year-on-year, in line with the increase in gasoline prices.

Bank Indonesia has taken mitigating steps by raising its benchmark interest rate to 3.75% from 3.5% in August—the first interest rate hike since the end of 2018.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Year-End Inflation Could Reach 6 Percent if Fuel Prices Rise

Year-End Inflation Could Reach 6 Percent if Fuel Prices Rise

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Year-End Inflation Could Reach 6 Percent if Fuel Prices Rise

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