Institute for Research on Economics and Society – Faculty of Economics and Business – University of Indonesia

Macroeconomic Analysis Series: Monthly Inflation, May 2024

Tuesday May 7th, 2024

In April 2024, the year-on-year (YoY) inflation rate stood at 3.0%, exhibiting a decrease from the corresponding period in April 2023, where it was registered at 4.33%. Additionally, April 2024's inflation rate witnessed a decline from the previous month, March 2024, which recorded a rate of 3.05%. This decline in YoY inflation from March 2024 to April 2024 was primarily driven by decreases across all sectors, except for energy, transportation, education, and personal care and other services sectors. Despite experiencing the most significant decreases in YoY inflation this month, the foodstuffs sector and the food, beverage, and tobacco sectors still retained the highest YoY inflation rates at 8.01% and 7.04%, respectively. Notably, the energy sector and the information, communications, and financial services sector persisted as the sectors witnessing deflation in April 2024, with rates of -0.33% and -0.13%, respectively. Financial services have maintained a consistent deflation rate of -0.13% since January 2024.

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