October 2024 Inflation Update

There was m-to-m inflation of 0.30% and y-on-y inflation of 1.55% in November 2024. Inflation in November 2024 was lower than the previous month and the same month in 2023. The main contributor to November 2024 inflation on a m-to-m basis was the food, beverage and tobacco group with an inflation contribution of 0.22%. The main commodities contributing to inflation in this group included shallots, tomatoes, broiler chicken, and cooking oil. The main contributor to October 2024 inflation on a y-on-y basis was the food, beverage and tobacco group with an inflation contribution of 0.48% and inflation of 1.68%.

Maintaining low inflation was contributed by pressure on volatile component inflation which experienced deflation of 0.32% (yoy). The commodities that predominantly contributed to deflation were red chili and cayenne pepper. This is in line with the harvest season this month. In addition, the Information, Communication, and Financial Services group also experienced deflation of 0.28% (yoy). The main contributor to deflation in this group was the information and communication equipment subgroup which experienced deflation of 1.40% (yoy).

The highest y-on-y provincial inflation occurred in Central Papua Province at 4.35% and the lowest occurred in Bangka Belitung Islands Province at 0.22%. The main contributor to inflation in Central Papua was inflation in the Food, Beverages, and Tobacco component at 4.35% (yoy). The main commodity that contributed to inflation was pork. In addition, the Clothing and Footwear component also dominantly influenced inflation at 7.47% (yoy). Inflation in this component was mainly caused by gold jewelry.