“Also, (BI and the government will coordinate) to closely monitor the dynamics of the spread of COVID-19 and its impact on the Indonesian economy, as well as further policy coordination steps that need to be taken to maintain macroeconomic and financial system stability," head of Bank Indonesia’s communication department, Onny Widjanarko, stated in a report on stability indicators as of the second week of November, 2020, which was released on the Central Bank’s official website on Saturday.
Referring to the stability indicator report, the Central Bank has estimated inflation at 0.21 percent on a monthly basis (month to month / mtm) in November, looking at price developments until the second week of the month.
That would take inflation in the current year (January-November, 2020) to 1.17 percent (year to date / ytd) and inflation on an annual basis to 1.53 percent (year on year / yoy).
According to the BI report, chicken meat contributed 0.08 percent (mtm) to inflation; red chilies 0.03 percent (mtm); eggs and shallots 0.02 percent (mtm) each; and, cayenne pepper, cooking oil, tomatoes, and garlic 0.01 percent (mtm) each.
Meanwhile, commodities that contributed to deflationary pressure were air freight rates (-0.01 percent mtm) and gold jewelry (-0.01 percent mtm).
Based on the data collected as of the second week of November, 2020, the Central Bank concluded: "Inflation is at a low and controllable level.” (INE)
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EDITED BY INE
Translator: Indra A, Azis K
Editor: Suharto
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