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Macroeconomic Analysis Series: BI Board of Governors Meeting, November 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))

  • Difa Fitriani

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

  • Mervin Goklas Hamonangan

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

Abstract

October 2024 marked a decline in headline inflation to 1,71% (yoy) from 1,84% (yoy) in the previous month. Headline inflation in October 2024 reached its lowest point since November 2021 and was relatively within Bank Indonesia's inflation target of 1,5% to 3,5%. The decline in inflation was driven by the government-regulated price group and the volatile price group. Core inflation increased slightly to 2,21% (yoy), driven by rising global commodity prices. The rupiah weakened to IDR15.770 per USD in mid-November along with capital outflows triggered by geopolitical tensions and rising uncertainty related to the US Election. A positive aspect was recorded by the position of foreign exchange reserves which increased to USD151,2 billion, influenced by tax and service revenues and the withdrawal of government foreign loans. With relatively controlled inflation conditions and the rupiah's depreciation trend in recent times, Bank Indonesia needs to maintain its benchmark interest rate at 6,00% this November.

Suggested Citation

  • Jahen F. Rezki & Teuku Riefky & Faradina Alifia Maizar & Difa Fitriani & Mervin Goklas Hamonangan, 2024. "Macroeconomic Analysis Series: BI Board of Governors Meeting, November 2024," LPEM FEBUI BI Board of Governor Meeting Brief 202411, LPEM, Faculty of Economics and Business, University of Indonesia, revised Nov 2024.
    • Handle: RePEc:lpe:gomeet:202411
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    File URL: https://lpem.org/repec/lpe/queouts/BBG202411.pdf
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