"For instance, the price of Indonesian crude oil (ICP) in the world market rose to US$113.50 per barrel in March 2022, up 18.59 percent as compared to US$95.72 per barrel in February 2022," Yuwono stated during a virtual press conference here on Monday.
The ICP price also increased by 78.74 percent as compared to that during the same period of the previous year.
Price hikes also occurred in other non-oil and gas commodities in March 2022, either on a month-on-month (MoM) or year-on-year (YoY) basis.
In comparison with the previous month, commodities that experienced an increase were coal, nickel, palm oil, aluminum, gold, and copper, he pointed out.
"For non-oil and gas commodities, coal recorded a quite significant increase by 49.91 percent this March," Yuwono stated.
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Moreover, nickel and palm oil also registered an increase by 41.26 percent and 16.72 percent respectively as compared to the previous month.
However, several commodity prices that experienced a decline in March 2022 (MoM) comprised rubber, a 2.52-percent drop; tin, 0.08 percent; and kernel oil, 0.05 percent.
"Hence, the development of commodity prices will affect exports and imports in March 2022," Yuwono stated.
He noted that several commodities on the chart showed a fairly sharp increase. Yuwono believes this would also affect Indonesia's exports and imports.
Related news: BPS pegs March inflation at 0.66%
Translator: Katriana
Editor: Rahmad Nasution
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