Indonesia's inflation back to central bank target in May
Source: Xinhua | 2023-06-06 | Editor:Lexi
Indonesia's annual inflation has returned to the central bank's target range of 2 to 4 percent, Statistics Indonesia (BPS) announced on Monday.
The country's consumer price index was recorded at 4.00 percent year-on-year in May, sloping compared to the previous month's 4.33 percent.
"Inflation in May was mainly driven by price reductions in the clothing and footwear group, as well as the transportation group," said BPS deputy for distribution and services statistics Pudji Ismartini in a press conference.
This controlled inflation was earlier than Bank Indonesia's target for the second semester.
Indonesia's inflation has exceeded the target ceiling since June 2022 which reached 4.35 percent and peaked in September to 5.95 percent, amidst global economic uncertainty that triggered rising food and energy prices.
Inflation eased gradually, driven by some central bank and government policies, including raising the benchmark interest rate to a total of 225 basis points.
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