Consumer Price Index; Indonesia Experienced 3rd Consecutive Month of Deflation in September
For the third straight month Indonesia experienced mild deflation. According to the latest data from Badan Pusat Statistik (BPS), Indonesia’s consumer price index (CPI) showed deflation of 0.05 percent month-on-month (m/m) in September 2020.
These latest data are no surprise. In fact, they were fully in line with our projection. Not only does Indonesia’s looming economic recession make it hard to post inflation (due to the big drop in demand), but also is September a month that typically brings deflation to Southeast Asia’s largest economy as food prices typically drop.
However, Indonesia’s annual headline inflation rate did accelerate to 1.42 percent year-on-year (y/y) because last year’s September deflation was higher.
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