JAKARTA – Several economists are projecting that the yearly inflation of Indonesia as of December 2024 will increase approximately to 1.6% year-on-year (yoy).

Chief Economist of PT Bank Central Asia Tbk (BBCA), David Sumual, mentioned that yearly inflation is estimated to reach 1.6% yoy as of December 2024. It is higher compared to inflation in November 2024, which arrived at 1.55% yoy.

“Inflation is slightly accelerated due to low-base effect from volatile food price that showed moderate shift, along with slight year-on-year acceleration in rice, chicken meat, and eggs,” said Sumual, as quoted by several media.

In the meantime, Chief Economist of PT Bank Permata Tbk (BNLI), Josua Pardede, also revealed its inflation projection to rise to approximately 1.67% yoy. This shift is believed to be in line with high gold price and rupiah depreciation.

However, some of the economists believe that the inflation throughout 2024 will reach 1.6%, the lowest inflation rate ever in Indonesia history. The lowest was at 2020, with inflation reported standing at 1.68%.

For the record, Statistics Indonesia (lit. Badan Pusat Statistik/BPS) will announce Indonesia’s monthly and annual inflation later today (2/1). (KR/ZH)