BI Remains Committed to Maintaining Price Stability

    Wahyu Dwi Anggoro - 03 June 2021 15:48 WIB
    BI Remains Committed to Maintaining Price Stability
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    Jakarta: Bank Indonesia (BI) remains committed to maintaining price stability and strengthening policy coordination with the central and regional governments to control inflation in 2021.

    Based on data published by the Central Statistics Agency (BPS), the Consumer Price Index (CPI) accelerated to 0.32% (mtm) in May 2021 from 0.13% (mtm) in the previous period. 

     



    "Headline inflation increased across all components, namely core inflation, volatile foods and administered prices," said BI Communication Department Head Erwin Haryono in a press release issued on Wednesday.

    Annually, consumer price inflation rose to 1.68% (yoy) in May 2021 from 1.42% (yoy) one month earlier.

    Core inflation increased to 0.24% (mtm) in May 2021 from 0.14% (mtm) in April 2021. The main drivers of core inflation were gold jewellery in line with the higher global gold price and a seasonal spike in demand during the recent festive period. Annually, core inflation was recorded at 1.37% (yoy), up from 1.18% (yoy) in the previous period. Persistently low core inflation is a corollary of compressed domestic demand, exchange rate stability and policy consistency by Bank Indonesia to anchor inflation expectations.


    Volatile foods (VF) recorded higher 0.39% (mtm) inflation in May 2021 compared with 0.15% (mtm) in April 2021. Higher VF inflation was attributable to rising prices of purebred chicken meat, fresh fish and cooking oil in line with growing seasonal demand and the upward crude palm oil (CPO) price trend globally. Notwithstanding, more intense inflationary pressures on volatile foods were offset by price corrections affecting horticultural commodities during the ongoing harvesting season. Annually, VF inflation increased to 3.66% (yoy) from 2.73% (yoy) one month earlier.


    Administered prices recorded 0.48% (mtm) inflation in May 2021, up from 0.11% (mtm) in April 2021. Administered prices were edged upwards by higher transportation tariffs, dominated by airfares, intercity travel and railway travel, during the Eid-ul-Fitr festive period. Annually, however, administered prices experienced lower 0.93% (yoy) inflation compared with 1.12% (yoy) the month earlier.

    (WAH)

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