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[News] Commodity Price Still Under Control
Posted at: 28 October 2019

The monthly inflation rate in October 2019 will reach 0.08 percent, fueled by an increase in the prices of purebred chicken meat, onions and clove-blended cigarettes, Bank Indonesia (BI) has predicted. If the central bank’s forecast is true the annual inflation in the year to October 2019 will reach 3.19 percent (year-on-year)

The current inflation reflected the increasingly controllable prices of commodities, BI Governor Perry Warjiyp said Friday.

The inflation target of 2.5 to 4.5 percent for this year will be reached and inflation will stay within the lower limit of the inflation target range of 2.5 to 3.5 percent, the central bank believed.

The controllable inflation forced the monetary authorities to slash their benchmark rate or 7-Day Reserve Repo Rate for the fourth time in a row, with the accumulation of one percent becoming five.

"Based on the result of observation conducted until October 2019, the prices of commodities remained under control, thus confirming the Bank Indonesia inflation forecast for this year, God willing, remaining below the central target point of 3.5 percent," Warjiyp said as reported by Antara News Agency,

The price of purebred chicken recorded an inflation 0.06 percent, onion 0.02 percent and clove- blended cigarette 0.02 percent, the survey also revealed.

However, the prices of other commodities declined, including onion which recorded a drop of 0.06 percent, purebred chicken egg of 0.04 percent, bird eye chili of 0.03 percent, and air transport which witnessing a decrease of 0.02 percent.

(source: Antara News)