Indonesia’s annual inflation rate dropped to 2.28% in September, broadly in line with market expectations, according to official data released on Monday.
Core inflation also fell to 2.00% from 2.18% a month earlier, contrary to the poll’s projection of 2.08%.
Inflation in Southeast Asia’s largest economy peaked at almost 6% in September 2022 after the government increased gasoline subsidies. That increase last year left prices with a high base, which contributed to the month’s low figure.
The central bank boosted interest rates by 225 basis points between January and August to combat inflationary pressures.
Bank Indonesia (BI) has set an inflation goal of 2% to 4% for this year.
Despite remaining below goal, annual rice inflation quickened in September, with retail prices growing 18.44% year on year, quicker than in August.
Rice milling and wholesale prices increased by 27.4% and 21%, respectively, year on year.
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