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Home Gold News Indonesia’s December 2024 Inflation Hits 1.57%, Driven by Food and Gold Prices

Indonesia’s December 2024 Inflation Hits 1.57%, Driven by Food and Gold Prices

by anna

Indonesia’s inflation rate for December 2024 stood at 1.57%, aligning closely with the government’s target of around 2.5%. The figure marks a slight increase from November’s rate of 1.55%, but remains lower than the 2.61% recorded in December 2023.

Pudji Ismartini, Deputy Head of the Central Statistics Agency (BPS), reported that the Consumer Price Index (CPI) rose from 105.15 in December 2023 to 106.80 in December 2024, indicating a modest year-on-year increase. “The annual inflation rate for December 2024 was 1.57%, reflecting shifts in global commodity prices and domestic consumption trends,” Ismartini said during a press briefing on Thursday.

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The food, beverage, and tobacco sector played a major role in driving inflation, with a 1.9% increase contributing 0.55% to the overall inflation rate. Key contributors within this sector included machine-made clove cigarettes, cooking oil, rice, ground coffee, shallots, fresh fish, chicken meat, and garlic.

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Gold and jewelry prices also had a notable impact, contributing 0.35% to the overall inflation.

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In contrast, the transportation sector saw a slight deflation, driven by falling airfares in December 2024.

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Examining inflation by component, core inflation saw a rise of 2.26%, contributing 1.44% to the overall inflation rate. Significant contributors included gold, jewelry, cooking oil, rice with side dishes, ground coffee, and rental costs.

Government-regulated prices experienced a 0.56% increase, contributing 0.11% to overall inflation, while volatile food prices had a modest 0.12% rise, contributing 0.02% to the total.

Geographically, inflation was recorded in 37 out of 38 provinces, with Gorontalo being the sole region to experience deflation. Papua Pegunungan recorded the highest inflation at 5.36%, while Gorontalo saw the steepest deflation at -0.79%.

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