Indonesia posted an inflation of 5.71 per cent year-on-year in October, lower than the previous month’s 5.95 per cent year-on-year, official figures revealed on Tuesday.
“The transportation group was the biggest contributor to October inflation, as a continuing impact of increase in fuel prices, which were lower than the previous month,” said Statistics Indonesia.
The government raised fuel costs on September 3, amid high international prices, a move which triggered an increase in commodity expenses in the domestic market, reports Xinhua news agency.
However, Indonesia’s inflation rate has exceeded the central bank’s target of 2 to 4 per cent since June, when the country posted an inflation of 4.35 per cent year-on-year.
The central bank has estimated the country’s inflation will reach 6.3 per cent this year, lower than the previous estimate of 6.6 to 6.7 per cent.
