While this is slightly higher than the level of 0.16 percent (m/m) we saw in February 2023, it is much lower than the 0.66 percent (m/m) that was recorded in March 2022.

What explains the big difference between this year’s March and last year’s March? Well, a look at last year’s data shows that food and energy inflation was particularly high last year (which can, partly, be linked to the outbreak of the Russo-Ukrainian war that – for example – impacted on prices of wheat and gas). Those war-related supply disruptions have now eased significantly 13 months after the start of the war.


This is the introduction of the article. The full article is available in our March 2023 report. This report (an electronic report) can be ordered by sending an email to info@indonesia-investments.com or a message to +62.882.9875.1125 (including WhatsApp).

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