As a result, Indonesia’s annual headline inflation cooled further to 1.32 percent year-on-year (y/y), a new 20-year record low level.

We expected to see mild deflation in August 2020 because (1) the COVID-19 crisis has softened demand, and (2) the month of August typically brings mild deflation as food prices stabilize (after Islamic celebrations have caused a peak in consumption in June/July). Mild deflation or (very soft inflation) tends to extend into September and October as the harvest season arrives.

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Read the full article in our August 2020 report. You can order this report by sending an email to [email protected] or message to +62(0)8.788.410.6944 (incl. WhatsApp).

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