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Macroeconomic Analysis Series: BI Board of Governors Meeting, December 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

Inflation in November 2024 fell to 1,55% (yoy) and reached its lowest point since April 2021. The lower inflation figure in November 2024 was mainly driven by lower food inflation and volatile food price deflation due to the high-base effect and abundant food supplies after the harvest season. Capital markets in various developing countries have been under pressure in the past two months amid concerns over potential tariff increases on imported goods to the US under the Donald Trump administration. As a result, Indonesia has experienced capital outflows of around USD0,75 billion since mid-November and the Rupiah has depreciated by 1,39% (mtm) from IDR15.770 per USD to IDR15.990 per USD in the past 30 days. Given the significant pressure on the Rupiah, we believe that BI needs to maintain its benchmark interest rate at 6,00% in this month's Board of Governors meeting.

Suggested Citation

  • Jahen F. Rezki & Teuku Riefky & Faradina Alifia Maizar & Difa Fitriani & Mervin Goklas Hamonangan, 2024. "Macroeconomic Analysis Series: BI Board of Governors Meeting, December 2024," LPEM FEBUI BI Board of Governor Meeting Brief 202412, LPEM, Faculty of Economics and Business, University of Indonesia, revised Dec 2024.
    • Handle: RePEc:lpe:gomeet:202412
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