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Macroeconomic Analysis Series: BI Board of Governor Meeting, January 2024

Author

Listed:
  • Jahen F. Rezki

    (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI))

  • Teuku Riefky

    (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI))

  • Faradina Alifia Maizar

    (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI))

Abstract

Stood at 2.61% (yoy) in December, Indonesia's inflation rate throughout 2023 has shown a downward trend and has been successfully kept within BI's target range. The 2023 inflation realization is substantially below the 2022 full-year inflation figure that reached a staggering level of 5.51% (yoy) due to skyrocketed commodity and energy prices. Before 2022, full-year inflation always fell short of 2% lower-band BI's target range due to muted aggregate demand during Covid-19 period (1.68% (yoy) in 2020 and 1.87% (yoy) in 2021). On external front, Indonesia consistently maintained trade surplus throughout 2023; it was recorded at USD3.3 billion in December 2023. Relative to its peers' currency, the Rupiah performed rather unimpressive in the first two weeks of 2024 despite being rather stable. Considering these factors, we view that BI should hold its policy rate at 6.00% this month.

Suggested Citation

  • Jahen F. Rezki & Teuku Riefky & Faradina Alifia Maizar, 2024. "Macroeconomic Analysis Series: BI Board of Governor Meeting, January 2024," LPEM FEBUI BI Board of Governor Meeting Brief 202401, LPEM, Faculty of Economics and Business, University of Indonesia, revised Jan 2024.
    • Handle: RePEc:lpe:gomeet:202401
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    File URL: https://lpem.org/repec/lpe/queouts/BBG202401.pdf
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