Consumer Price Index Indonesia: Low Inflation as COVID-19 Reins in Household Spending
As expected, Indonesia’s inflation rate was quite low in April 2020. According to the latest data from Statistics Indonesia (BPS), the consumer price index (CPI) stood at 0.08 percent month-on-month (m/m) in April.
The huge slowdown in economic activity and social gatherings in the context of the novel coronavirus (or COVID-19) outbreak has had a major impact. While in normal circumstances household consumption peaks in the Ramadan month (which started in late-April 2020) and Idul Fitri celebrations, the social restrictions that have been imposed by the government mean that these Islamic festivities need to be very sober this year.
Moreover, amid low economic activity (which has caused many businesses to close) nearly 3 million workers have been fired, and thus will think twice before they spend their money.
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Poll Indonesia Investments:
According to you at what pace will the Indonesian economy grow in 2020?
Voting possible: -
- Lower than 0.0% (26.8%)
- Higher than 2.0% (17.9%)
- 0.5% - 1.0% (15.9%)
- 0.0% - 0.5% (15.8%)
- 1.0% - 1.5% (11.8%)
- 1.5% - 2.0% (11.8%)
Total amount of votes: 1025