Inflation soared to 77% in 1998.

Economics & Macro

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21/05/2018 17:31 WIB

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The surge in commodity prices coupled with the weakening of the rupiah caused the economy to contract by more than 13%.

Indonesia's Inflation Rate (1998-April 2018)

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Inflation soared to 77% in 1998.

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Indonesia's Inflation Rate (1998-April 2018)

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The riots that swept across Indonesia at the end of the New Order era triggered inflation of 77.63% in 1998. The surge in prices, coupled with the weakening of the rupiah exchange rate to Rp 16,000 per US dollar, caused the Indonesian economy to contract by more than 13% in 1998.

Then, in 1999, the inflation rate immediately dropped to just 2%, the lowest inflation rate after the reforms. In the last 20 years, the highest inflation was recorded in 2005, reaching 17.1%, a consequence of fuel price increases during the presidency of Susilo Bambang Yudhoyono.

Throughout the 2015-2017 period, under President Joko Widodo, inflation remained below 4%. Meanwhile, up to April 2018, domestic inflation was recorded at 3.41% (YoY). Calendar year inflation for the January-April period of this year reached only 1.09%.

"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."