That is among the lowest in the world because there are more than 20 countries that are doing boycotts; they are not allowed to sell their food. Moreover, the prolonged (conflict) between Russia and Ukraine has caused global food prices to increase…Jakarta (ANTARA) - Trade Minister Zulkifli Hasan has said that the inflation rate in Indonesia is currently the lowest in comparison to other countries.
"That is among the lowest in the world because there are more than 20 countries that are doing boycotts; they are not allowed to sell their food. Moreover, the prolonged (conflict) between Russia and Ukraine has caused global food prices to increase, and we are the lowest," Minister Hasan said at the Presidential Palace Complex, here on Monday.
Statistics Indonesia (BPS) has recorded the rate of inflation as of May 2022 at 3.55 percent year on year (yoy) and 2.56 percent on a calendar year basis (year to date/ytd).
The government has expedited efforts to control domestic inflation so that it is not severely compromised by the volatility in food and energy prices in the global markets, Hasan disclosed.
The government has provided subsidies for some food commodities, such as soybeans and corn, he noted. However, there are several food commodities, such as curly chilies and red chilies, whose prices have increased due to seasonal factors.
"The government is working hard (to address) this. For example, soybeans are subsidized by Rp1,000 per kilogram. Then, corn fodder is getting a subsidy of Rp1,500 per kilogram. So will rice (get the same treatment) if there is an increase. If the price has not gone down, subsidy (will be given), that is," he clarified.
President Joko Widodo recently reminded related government agencies of the importance of maintaining the availability of food stocks and stability in food prices in the face of strained global food supply chains due to 22 countries halting food exports.
Related news: Strict monetary policies unable to address inflation: Minister
Dozens of countries have ceased food exports to fulfill domestic demand amid supply chain issues due to the military conflict between Russia and Ukraine. For example, India has suspended wheat exports to meet its own domestic needs and suppress food inflation.
"Be careful with food, food production stuff. Back in January, only three countries stopped exporting food, now 22 countries are not exporting their food," President Widodo highlighted in North Jakarta on June 11, 2022.
Related news: Indonesia needs to expand int'l cooperation to tackle inflation: Indef
Translator: Indra Arief P, Mecca Yumna
Editor: Rahmad Nasution
Copyright © ANTARA 2022
