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BPS reports January inflation in line with government target

Jakarta Globe - February 1, 2024

Monique Handa Shafira, Jakarta – The Central Statistics Agency (BPS) reported a year-on-year inflation rate of 2.57 percent and a month-to-month rate of 0.04% for January 2024, in line with the government's target of 2.5 percent.

"Historically, inflation has consistently occurred in January over the past five years. The main commodities driving inflation in January are dominated by volatile food commodities," said Acting Head of BPS Amalia Adininggar Widyasanti in a press conference in Jakarta on Thursday.

The primary driver of yearly inflation came from the food, beverage, and tobacco group, registering an annual inflation rate of 5.84 percent. Additionally, the clothing and footwear group experienced a 1.02 percent inflation, while the housing, water, electricity, and household fuel group added 0.58 percent.

"The largest contributor to inflation in January 2024 based on expenditure groups was food, beverages, and tobacco, accounting for 0.18 percent month-to-month with a contribution of 0.05 percent," said Amalia.

The main commodities contributing significantly to monthly inflation were tomatoes at 0.09 percent, shallots at 0.04 percent, and rice at 0.03 percent. Meanwhile, on a yearly basis, rice contributed 0.56 percent, machine-made cigarettes at 0.17 percent, garlic and tomatoes each at 0.12 percent, and red chili at 0.10 percent.

"On the other hand, commodities contributing to deflation include bird's eye chili at 0.01 percent, red chili, and air transportation rates each at 0.09%," said Amalia.

The highest year-on-year provincial inflation occurred in Central Papua Province, reaching 4.76 percent. Meanwhile, year-on-year deflation occurred in East Belitung Regency, amounting to 0.41 percent.

Source: https://jakartaglobe.id/business/bps-reports-january-inflation-in-line-with-government-targe