1-4-2024 (JAKARTA) Indonesia’s inflation rate surged beyond expectations in March, hitting 3.05 per cent on a yearly basis, according to data released by the statistics bureau on Monday (Apr 1). This marks the highest inflation rate since August 2023.
A Reuters poll of economists had projected a slightly lower inflation rate of 2.91 per cent for March. In February, the annual inflation rate stood at 2.75 per cent.
On a monthly basis, consumer prices experienced a 0.52 per cent increase, largely attributed to heightened demand during the Islamic holy month of Ramadan, which commenced on Mar 12 in Indonesia, as stated by the statistics bureau.
The surge in prices of essential food items such as eggs, chicken, and rice played a significant role in driving up the monthly inflation rate.
The statistics bureau is expected to release data on the annual core inflation rate later today.
