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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