In the midst of the Russia-Ukraine war, this is Indonesia’s strategy to reject inflation

AllvertaGlobal – The inflation rate in May 2022 continued the upward trend which reached 3.55% (year on year/yoy). This inflation was the highest since December 2017, influenced by pressures on global commodity prices and the impact of rising demand for Eid.

The development of core inflation was driven by the recovering purchasing power of the public amidst the impact of rising global commodity prices. Core Inflation in May 2022 edged down by 2.58% (yoy). There is an increase in inflation in service commodities, such as recreation and restaurant services.

In addition, core food commodities also experienced an increase, such as fresh fish and sweet bread. On the other hand, there is a slowdown in inflation for clothing and personal care as demand normalizes after Lebaran. Also Read: BPS Records Highest Inflation Since December 2017, Fadel Muhammad Urges Government to Control Conditions

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In addition, volatile food price inflation rose to 6.05% (yoy). Some commodities that increased, including eggs and chicken meat, which rose due to an increase in feed prices, as well as shallots due to the lack of supply from production centers.

Meanwhile, price inflation regulated by the government (administered price) in May 2022 was stable at 4.83% (yoy). The highest inflation was contributed by air freight fares in line with the momentum of the backflow of Lebaran and holidays. Apart from the increase in demand, the increase in tariffs is also influenced by adjustments due to the increase in production costs. Meanwhile, energy inflation only rose slightly.

To maintain the process of economic recovery and people’s purchasing power, especially access to food and energy needs, the Government together with the Indonesian House of Representatives have approved additional allocations of subsidies and compensation in the 2022 APBN.

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This shows the role of the State Budget as a shock absorber that is getting stronger to minimize the impact of rising global food and energy commodity prices. Read also: Sri Mulyani: There are still new concerns, the threat of a recession with high inflation is very real

“With this additional allocation, plus various other price stabilization policies, it is hoped that the domestic inflation rate will be maintained so that it can maintain people’s purchasing power,” said Head of the Fiscal Policy Agency of the Ministry of Finance Febrio Kacaribu as quoted by the ministry.go.id page in Jakarta, Friday (3/3). /6/2022).

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According to him, this is very important to ensure that the trend of Indonesia’s economic recovery, which is still in its early stages, continues. “To maintain the purchasing power of the poor and vulnerable groups, the Government also continues to disburse the social protection budget,” he added.

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