Sri Mulyani Urges Prabowo to Cap Inflation at 3,5%

For the first time, the government has established an inflation target of 2.5%. Notably, this commitment extends until 2027, even as the government transitions to a new regime.

Editorial Team

7 Jun 2024 - 16.58
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Sri Mulyani Urges Prabowo to Cap Inflation at 3,5%

Bisnis, JAKARTA - For the first time ever, the Ministry of Finance has established an inflation target of 2.5% year-on-year (YoY) for the upcoming year. This policy, outlined in Regulation No. 31/2024, also sets a target of 2.5% for the year 2026, while 2027's target is set at 2.5% with a deviation of 1%.

On one hand, this measure is expected to facilitate government efforts to collaborate with Bank Indonesia (BI) in controlling inflation. It will involve optimizing state budget policies to safeguard people's purchasing power in the event of shocks caused by fluctuations in the consumer price index.

However, this move appears to contradict the ongoing preparations for the 2025 State Budget (APBN), which are currently at the stage of deliberating basic macroeconomic assumptions, including the establishment of an inflation target.

Should there be discrepancies between the inflation target discussed at the working committee level and the one outlined in Minister of Finance Regulation No. 31/2024, the government will need to make corresponding adjustments. Moreover, questions have arisen regarding the Ministry of Finance's decision to set the inflation target, as traditionally, the responsibility for managing inflation has been vested in Bank Indonesia.

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