Indonesia’s central bank forecasts below 4% inflation in 2023

BI Governor Perry Warjiyo (Photo: antaranews)

Jakarta (VNA) - Bank Indonesia (BI) projects that the country’s inflation rate will stay around 3% next year.

BI Governor Perry Warjiyo said on October 13 that the central bank estimates the rate would be around 3.6% in the third quarter of 2023, and 3% in the fourth quarter.

Previously, BI estimated that the inflation rate until the end of 2022 would rise above 6% as a result of a surge in fuel prices and transportation fares.

However, this rate will be still below the global average inflation, which can reach around 9% due to geopolitical conflicts in Europe that have resulted in an increase in world energy and food prices, the bank said./.

VNA