Government Confident despite Rising Food Prices

The El Niño dry season and delayed onset of monsoon threaten to diminish food supplies in the market, giving rise to food inflation and a rise in rice prices in recent weeks.

Rinaldi Azka

12 Sep 2023 - 20.01
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Government Confident despite Rising Food Prices

Illustration - A rice seller is waiting for buyers at a traditional market outlet./Bisnis-Suselo Jati.

Bisnis, JAKARTA — Food inflation is beginning to threaten the stable inflation level the government has been working hard to maintain due to concerns that El Niño may erode people's purchasing power at the end of this year. The government has prepared several policies, such as rolling out social assistance programs to curb the impact on domestic consumption.

According to Bank Indonesia (BI) data, consumer concerns about rising inflation are emerging, as reflected in the Retail Sales Survey by the central bank, which predicts increased inflation pressure in October 2023.

The General Price Expectations Index (IEH) for October 2023 is recorded at 118.7, higher than the previous period's 115.9. One of the reasons for this is supply constraints on goods, including restrictions on oversized vehicles towards the end of the year.

In August, inflation reached 3.27 percent, marking the first inflation hike in the past six months. This trend is projected to continue in September as the prices of various food commodities, especially rice, have increased, coupled with a 3.3 percent rupiah depreciation in the last three months.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.