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Indonesia Oct inflation seen easing slightly

Indonesia Oct inflation seen easing slightly

JAKARTA: Indonesia’s annual inflation likely eased for a fourth consecutive month in October, a Reuters poll showed, as food prices were seen under control. The consumer price index (CPI) likely rose 3.68 percent in October on annual basis, compared with 3.72 percent in September, according to the median forecast from 18 analysts polled by Reuters. The annual core inflation rate, which excludes government-controlled and volatile food prices, was seen at 3.06 percent in October, compared with 3 percent recorded in September. A senior official at the finance ministry said last week that inflation rate could remain at around 3.7 percent for the rest of the year.

Indonesia’s central bank has taken advantage of the low inflation by cutting its key interest rate twice since August to boost up economic growth. After its October policy meeting, Bank Indonesia said core inflation has tracked a downward trend and it expected the headline inflation to remain well within its target range of 3-5 percent.