Indeed, September is typically a month in which Indonesia experiences some mild deflation. However, a modest rebound in consumption would have perhaps allowed for some mild inflation this time. Well, we were wrong. Instead, the latest data that were released by Indonesia’s Statistical Agency (Badan Pusat Statistik, BPS) showed 0.04 percent month-on-month (m/m) deflation.

What is interesting when taking a look at the data is that it were particularly volatile food prices that triggered deflation last month. Meanwhile, core inflation remained quite stable at +0.13 percent (m/m) in September 2021, down slightly from +0.21 percent (m/m) in the preceding month (suggesting Indonesians’ purchasing power is not too weak).


Read the full article in the September 2021 edition of our monthly report. This report can be ordered by sending an email to or a message to +62.882.9875.1125 (including WhatsApp).

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