Typically, the Ramadan month and Idul Fitri week is a period of elevated inflation as people consume and travel more than usual amid the festivities. This year, however, inflationary pressures were remarkably low. According to the latest data of Statistics Indonesia (BPS), inflation reached 0.33 percent month-on-month in April 2023.
Indeed, we are now still seeing a softening in prices as last year’s (food and energy) inflation in March and April was pushed to (even) higher territory as a consequence of the Russo-Ukrainian war that started in late-February 2022. Still, a 0.33 percent (m/m) inflation rate for a month that included the Idul Fitri celebrations and three weeks of Ramadan is not what we experienced in the past (with the exception of the COVID-19 crisis).
When we take a look at inflation per expenditure groups, then it is interesting that the food, drinks and tobacco expenditure group experienced (mild) inflation of 0.34 percent (m/m), overall (see the table on the next page). This is very low compared to earlier Ramadan-Idul Fitri periods.
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