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Indonesia inflation slows to one-year low
by hlk Sun 03 Jul 2011, 21:56
JAKARTA: Indonesia’s inflation slowed in June to a one-year low of 5.54% from a year ago, well within the central bank’s year-end target of 4%-6% and strengthening expectations that Bank Indonesia will hold rates at 6.75% when meeting on July 12.
May trade data released at the same time showed export growth quickened to rise 45.3% from a year ago, while imports were up 48.5%.
“Inflation in Indonesia was stronger than expected in June ... However, annual inflation eased from 6% in May to 5.5%, its lowest level in a year, thanks to base effects. Core inflation was virtually unchanged.
“Although Bank Indonesia has been one of the most tardy of regional central banks in reversing the hefty accommodation delivered during the financial crisis in 2009 – it has delivered only one 25 basis point hike, and only this February – price pressures have eased somewhat, though at the cost of the budget,” said George Worthington, an economist of IFR Markets. — Reuters
May trade data released at the same time showed export growth quickened to rise 45.3% from a year ago, while imports were up 48.5%.
“Inflation in Indonesia was stronger than expected in June ... However, annual inflation eased from 6% in May to 5.5%, its lowest level in a year, thanks to base effects. Core inflation was virtually unchanged.
“Although Bank Indonesia has been one of the most tardy of regional central banks in reversing the hefty accommodation delivered during the financial crisis in 2009 – it has delivered only one 25 basis point hike, and only this February – price pressures have eased somewhat, though at the cost of the budget,” said George Worthington, an economist of IFR Markets. — Reuters
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