Consumer Price Index (CPI) of Indonesia: Modest Inflationary Pressures in January 2023
Indonesia’s inflation rate was a bit on the mild side in the first month of 2023. The country’s Statistical Agency (in Indonesian: Badan Pusat Statistik, or BPS) reported that Indonesian inflation reached 0.34 percent month-on-month (m/m) in January 2023, which is a bit lower than the historical average in the month of January.
While it is normal to see easing inflation in the first month of the year after peaking in December amid Christmas and New Year celebrations (during a holiday that also covers the first days of January), inflationary pressures were a bit on the mild side at the start of 2023. However, it remains at a level that does not necessitate concern over weakening purchasing power (amid elevated inflation and high interest rates).
Core inflation, which excludes the government administered and volatile food prices (and therefore is a good indicator of purchasing power), accelerated to 0.33 percent (m/m), from 0.14 percent (m/m) in the preceding month. However, on an annual basis core inflation eased from 3.36 percent (y/y) in December 2022 to 3.27 percent (m/m) in January 2023.
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