Indonesia anticipates risk of rising inflation due to Russia-Ukraine war

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In March 2022, Indonesia's inflation rate was recorded at 2.64 percent.
In March 2022, Indonesia's inflation rate was recorded at 2.64 percent.

The Indonesian Financial System Stability Committee (KSSK) anticipates the risk of rising inflation to the financial system. This follows the impact of the ongoing war between Russia and Ukraine.

KSSK chairman and Finance Minister Sri Mulyani said that currently inflation in Indonesia is still under control. In March 2022, Indonesia's inflation rate was recorded at 2.64 percent.

This is supported by the relatively controlled supply side in responding to rising demand.

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Sri Mulyani said that the controlled inflation was due to the stability of the rupiah exchange rate and various policy responses carried out by the government, especially in maintaining goods regulated by the government.

Sri Mulyani ensured that the KSSK, which also consisted of Bank Indonesia (BI), the Financial Services Authority (OJK), and the Deposit Insurance Corporation (LPS), would strengthen synergies in maintaining financial stability. The steps taken by KSSK are expected to have a positive impact on the economy.

KSSK will strengthen coordination and joint monitoring, including in formulating policy responses in maintaining national economic recovery.

The Indonesian Central Statistics Agency (BPS) reported that the national inflation rate throughout March 2022 was 0.66 percent. The inflation rate was recorded as the highest since May 2019 which had reached 0.68 percent.

Head of BPS, Margo Yuwono, said that with the inflation rate, inflation for the calendar year would reach 1.2 percent and annual inflation at 2.6 percent.

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