The government's efforts to maintain the price of cooking oil in the community have paid off since the commodity has experienced deflation for three consecutive months on a month-to-month (mtm) basisJakarta (ANTARA) - Head of Statistics Indonesia (BPS) Margo Yuwono highlighted the success achieved by the government in maintaining cooking oil prices at the community level, as the commodity recorded deflation for three consecutive months.
"The government's efforts to maintain the price of cooking oil in the community have paid off since the commodity has experienced deflation for three consecutive months on a month-to-month (mtm) basis," Yuwono noted at a press conference here, Monday.
He explained that cooking oil had contributed to deflation for three consecutive months, specifically 0.01 percent (mtm) in May, 0.02 percent in June, and 0.07 percent in July 2022.
The development of cooking oil prices showed that the decline in bulk oil prices was deeper than the decline in packaged oil prices, Yuwono stated.
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Packaged cooking oil in May was priced at Rp22,500 per liter, which then fell to Rp22,300 per liter in June, and plunged to Rp21,600 per liter in July 2022.
Meanwhile, the price of bulk cooking oil in May was recorded at around Rp18,200 per liter and thereafter fell to Rp16,900 per liter in June, and touched its lowest point of Rp15,000 per liter in July 2022.
"On a month-to-month (mtm) basis, cooking oil contributed 0.07 percent to deflation in July 2022, but year-on-year (yoy), it still contributed 0.29 percent to inflation," Yuwono remarked.
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Although cooking oil still contributes to inflation of 0.29 percent (yoy) on an annual basis, the trend is declining, indicating that the government's efforts to maintain cooking oil prices have been successful, he stated.
The share of cooking oil in inflation on an annual basis had continued to decline since April by 0.42 percent (yoy), 0.38 percent (yoy) in May, 0.36 percent (yoy) in June, and 0.29 percent (yoy) in July 2022.
"Although it is still contributing to inflation, the trend is declining, indicating that the government's efforts to maintain cooking oil prices have been successful since they have had a deflationary impact for three consecutive months," Yuwono concluded.
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Translator: Astrid Faidlatul H, Resinta S
Editor: Fardah Assegaf
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