JAKARTA LIFE'S STYLE
Indonesia could have inflation of below 5.5% if global commodity prices are 'well-behaved' and the government doesn't change its subsidized fuel policy, a Bank Indonesia deputy governor said Monday.“Our fuel subsidy needs to be lowered, that's for sure. We in Bank Indonesia need to monitor whether the government will do that this year or not. And if commodity prices can be well behaved, our inflation could be below 5.5%“ this year, Hartadi Sarwono told reporters on the sidelines of a parliamentary hearing.
He had on May 11 said inflation could be lower than 6% this year. The government had planned to ration subsidized fuel from April to keep its overall subsidy costs in check.
But high global oil prices and obstacles to implementation made the government push back its plan indefinitely. Indonesia's consumer price index--used to calculate nationwide inflation--fell 0.31% in April compared with the previous month, during which it had declined 0.32%.
Officials from Bank Indonesia and the country's statistics agency have said that on-month deflation may occur again in May, increasing the likelihood the country could reach its inflation target this year.
“We will use monetary and macroprudential policy mix to reach the inflation target,“ Sarwono added.
The central bank is targeting inflation of 4% to 6% this year. The CPI rose 6.16% from a year earlier in April, slowing from a gain of 6.65% in March.
Bank Indonesia has raised its policy rate just once this year, by 25 basis points to 6.75% in February, on concerns that a higher rate would attract more hot money into the country. Prior to the hike, the rate had stayed at 6.50% since August 2009.
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