Business News Asia
According to the Indonesian Bureau of Statistics (BPS), inflation stood at 3.55% year-on-year in May, up from 3.47% in April due to higher airfares and fuel prices.
According to the BPS, inflation increased as the government allowed airlines to raise production costs and the price of Pertamax oil.
Last Wednesday (June 1), Indonesia’s central bank (BoI) told a meeting with the House of Representatives that it expects inflation to exceed its 4% target in the coming months due to rising energy and food prices.
The BoI expects inflation to return to the 2-4% target range in 2023.