DIGIVESTASI - Central Statistics Agency (BPS) Reports Inflation in December 2024, The Central Statistics Agency (BPS) announced that inflation in December 2024 was recorded at 0.44% on a monthly basis, resulting in the consumer price index (CPI) increasing from 106.33 in November 2023 to 106.80. Indonesia's inflation at the end of 2024 reached 1.57%, both on an annual and year-to-date basis. In a press conference on Thursday (January 2, 2025), BPS Deputy for Distribution and Services Statistics, Pudji Ismarti, explained that monthly inflation in December 2024 was higher compared to November 2024 and December 2023.

The expenditure group that contributed most significantly to monthly inflation was the food, beverages, and tobacco group, which saw an inflation rate of 1.33% and contributed 0.38%. Several dominant commodities driving inflation in this group included chicken eggs and red chili, each contributing 0.06% to inflation. Other commodities contributing to inflation included fresh fish, bird’s eye chili, shallots, and cooking oil, with each contributing 0.03%. In addition, garlic, green mustard, chicken meat, and rice each contributed 0.01% to inflation.

Earlier, economists' consensus gathered by Bloomberg estimated Indonesia's annual inflation in December 2024 to be 1.53%. The highest prediction came from economist Hosianna Evalita Situmorang of PT Bank Danamon Indonesia Tbk., who projected inflation to be 1.73%. The lowest forecast came from economist Helmi Arman of Citigroup Securities Indonesia, who expected inflation to be 0.35% YoY. Josua Pardede, Chief Economist at PT Bank Permata Tbk. (BNLI), who was also part of the consensus, projected the Consumer Price Index (CPI) inflation to be 1.67% YoY, driven by seasonal inflation.

Compared to the previous year, annual inflation in 2024 was lower, decreasing from 2.81% YoY. On the other hand, core annual inflation is expected to rise to 2.29%, up from 1.80% the previous year. According to Josua, the increase in core inflation in 2024 was influenced by the rising trend of gold prices and the depreciation of the rupiah, which affected domestic gold prices. Josua also predicted that inflation in government-controlled prices would slightly decrease from 0.82% YoY in November to 0.69%, while inflation in volatile prices was expected to recover from deflation of 0.32% to an inflation rate of 0.48% by the end of the year.

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