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Financial News: Indonesia Inflation Climbs To 5.51%

Indonesia Inflation Climbs To 5.51%

01/02/2023 - 02:54:00 (RTTNews)

(RTTNews) - Indonesia's inflation increased unexpectedly in December and remained above Bank Indonesia's target as food prices continued to rise at stronger rates, data from the statistics bureau showed on Monday.

The consumer price index rose 5.51 percent year-on-year in December, following a 5.42 percent increase in November. Economists had expected the annual inflation rate to rise to 5.39 percent.

Headline inflation stayed above the Bank Indonesia's of 3 plus or minus one percent for the seventh month in a row.

Core inflation, which excludes the volatile food and energy prices, rose to 3.36 percent in December from November's 3.30 percent. Economists had forecast 3.39 percent.

Prices for food, beverages and tobacco grew 5.83 percent annually in December and those of housing, water, electricity and household fuels gained 3.78 percent.

Prices for furnishings, household equipment and routine household maintenance surged by 4.86 percent. Prices for health, and clothing and footwear advanced by 2.87 percent and 1.40 percent, respectively.

Transportation costs rose by 15.26 percent and education costs increased by 2.77 percent. Prices for recreation, Sport, and Culture climbed 3.04 percent.

On a month-on-month basis, consumer prices increased by 0.66 percent in December. Economists had expected a growth of 0.52 percent.

Compared to the previous month, the core CPI rose 0.22 percent in December.

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