Update COVID-19 in Indonesia: 248,852 confirmed infections, 9,677 deaths (21 September 2020)
21 September 2020 (closed)
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Indonesia posted inflation of 0.10 percent month-on-month (m/m) in March 2020, almost unchanged from a pace of 0.11 percent (m/m) in the same month one year earlier. Hence, Indonesia’s consumer price index (abbreviated: CPI) increased 2.96 percent year-on-year (y/y) in March 2020 (from 2.97 percent in the preceding month).
Indonesia Investments had actually expected to see modest deflation in March 2020 amid the economic slowdown. For example, there occurred an enormous decline in demand for hospitality services amid COVID-19 restrictions, while March is also typically a month with limited price pressures on foodstuffs because of the start of the harvest season.
And, indeed, based on data from Statistics Indonesia (BPS), prices of foodstuffs rose very modestly overall (+0.10 percent m/m), while the transportation expenditure group showed deflation (-0.43 percent m/m) in March 2020. However, BPS Head Kecuk Suhariyanto said rising prices of gold (a key safe haven asset in times of turmoil) and jewelry were the key factors behind the overall March 2020 inflation rate.
This article discusses the following:
• Indonesia's consumer price index in March 2020.
• Why has there occurred a sugar shortage on the Indonesian market in the first quarter of 2020?
• What is the impact of COVID-19 on Indonesian inflation?
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