Indonesia in the Shadow of Weakening Purchasing Power

The consecutive deflation observed in May and June 2024 has raised concerns about weakening purchasing power. Despite an economic growth target of 5%, the manufacturing sector has declined to its lowest level.

Maria Elena & Afiffah Rahmah Nurdifa

2 Jul 2024 - 19.55
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Indonesia in the Shadow of Weakening Purchasing Power

Traders serve buyers at one of the markets in Jakarta, Tuesday (2/7/2024). The Central Statistics Agency (BPS) noted that the Consumer Price Index (CPI) in June 2024 experienced deflation of 0.08% (month-to-month/mtm).JIBI/Bisnis/Eusebio Chrysnamurti

Bisnis, JAKARTA – The consecutive decline in the Consumer Price Index (CPI) over the past two months underscores concerns about weakening purchasing power. This adds to the uncertainty surrounding the achievement of the economic growth target of 5% by the end of the year.

The Central Statistics Agency (BPS) reported that in June 2024, the CPI experienced a deeper deflation of -0.08% month-to-month (MtM), compared to -0.03% deflation in May 2024. 

In a press conference on Monday (1/7/2024), Acting (Plt.) Chief Secretary of the Central Statistics Agency Imam Machdi attributed the price weakening to a significant decline in the volatile food component, which registered -0.98% MtM.

Meanwhile, CPI in June 2024 showed inflation of 2.51% year-on-year (YoY), a decrease from 2.84% YoY recorded in May 2024.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.