The data from the Statistical Agency of Indonesia (Badan Pusat Statistik, BPS) show that Indonesian inflation was recorded at 1.17 percent month-on-month (m/m) in April 2025, which is milder than the 1.65 percent (m/m) of inflation recorded one month earlier, but still an unusually high level for Indonesia.

As we had noted in our previous inflation analysis, April 2025 inflation was bound to be high because the post-paid customers were still enjoying cheaper electricity in March 2025, thus allowing a low base for April 2025 price increases. And so, after four months of unusual inflationary ‘behaviour’ in Indonesia (namely two months of deep red deflation and two months of high inflation), we expect matters to be largely normal again starting from May 2025. Chart A (below) shows how unusually low the consumer price index of Indonesia was at the start of the year.

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