Indonesia's Inflation Relatively Low in ASEAN as of August 2022

Economics & Macro

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Viva Budy Kusnandar 14/09/2022 15:00 WIB

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Compared to other ASEAN member states, Indonesia's inflation rate remained relatively low until August 2022.

Annual Inflation in 10 ASEAN Member States (August 2022*)

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Indonesia's Inflation Relatively Low in ASEAN as of August 2022

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Annual Inflation in 10 ASEAN Member States (August 2022*)

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Russia's invasion of Ukraine since February 2022 has triggered a surge in energy and global food commodity prices. This price increase has fueled high inflation rates, becoming a major concern in many countries.

According to data from the Central Bureau of Statistics (BPS), Indonesia's annual inflation reached 4.69% (year-on-year/yoy) in August 2022, the highest since 2016. However, Indonesia's inflation remains relatively controlled compared to other countries where annual inflation has reached tens or even hundreds of percent.

Compared to other Association of Southeast Asian Nations (ASEAN) member states, Indonesia has the fourth-lowest inflation rate. Below Indonesia are Vietnam with annual inflation of 2.89% (yoy) in August 2022, Brunei Darussalam with 3.8% (yoy) in May 2022, and Malaysia with 4.4% (yoy) in July 2022.

The ASEAN country with the highest inflation rate is Laos, at 30.1% (yoy) in August 2022. This is followed by Myanmar with 17.78% (yoy) in May 2022, and Thailand with 7.86% (yoy) in August 2022.

Next are Cambodia with inflation of 7.8% (yoy) in August 2022, Singapore with 7% (yoy) in July 2022, and the Philippines with 6.3% (yoy) in August 2022.

Indonesia's inflation is expected to rise in September 2022, considering the government's recent increase in subsidized fuel prices at the beginning of the month. President Joko Widodo (Jokowi) estimates that the fuel price hike could boost inflation by 1.8%.

Editor : Adi Ahdiat

"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."