However, it was no surprise. The self-imposed social and business restrictions curb household consumption in a way we have not seen before. And interestingly enough, these restrictions come at a time when household consumption typically peaks: the Ramadan and Idul Fitri celebrations. Hence, based on local news reports, the 0.07 percent (m/m) inflation rate in May 2020 was the nation’s lowest inflation rate amid these Islamic celebrations since 1978.

[...]

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