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Financial News: Indonesian Inflation Rises To 3.05%, Highest In 7

Indonesian Inflation Rises To 3.05%, Highest In 7 Months

04/01/2024 - 02:37:00 (RTTNews)

(RTTNews) - Indonesia's consumer price inflation accelerated more-than-expected in March to the highest level in seven months, data from the statistics bureau showed on Monday.

The consumer price index climbed 3.05 percent year-on-year in March, faster than the 2.75 percent increase in February. Economists had expected inflation to rise to 2.91 percent.

The latest inflation rate was the highest since August 2023, when prices had risen by 3.27 percent.

Nonetheless, the inflation rate has remained within the central bank's target range of 2-4 percent.

Data also showed that core inflation rose somewhat to 1.77 percent in March from 1.68 percent a month ago. Economists had forecast a growth rate of 1.70 percent.

The annual price growth in food items accelerated to 7.43 percent from 6.36 percent.

Utility costs were 0.55 percent higher compared to last year, and transportation charges increased by 0.99 percent.

On a monthly basis, consumer prices rose 0.52 percent in March, versus an expected increase of 0.39 percent. The core consumer price index edged up 0.23 percent.

Separate official data showed that foreign tourist arrivals in Indonesia surged 38.24 percent annually and by 11.67 percent monthly in February, totaling 1.04 million visitors.

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