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Bank Indonesia: Aug-23

• Bank Indonesia remains committed to its dual mandate of controlling inflation, evidenced by its unchanged rate decision and the ongoing macroprudential policies supporting domestic economic growth.
• Global economic uncertainties, particularly from major economies like China and the U.S., as well as geopolitical tensions in Europe, play a significant role in shaping Bank Indonesia's monetary decisions.
• The Indonesian banking system showcases robustness with high capital adequacy, low non-performing loans, and a strategic focus on ensuring ample liquidity to foster credit growth and economic momentum.

Indonesia consumer confidence 123.5 in Jul-23

- Indonesia's consumer confidence declined to 123.5 in Jul-23, marking the lowest level since Mar-23.
- Despite remaining above 100, the drop in consumer confidence indicates a cautious sentiment among Indonesian consumers.

Indonesia consumer confidence 125.25 in Aug-23

- Indonesia's consumer confidence in August 2023 reached its highest level since June 2023, reflecting a positive sentiment among Indonesian consumers.
- The consumer confidence index is not only above the one-year average but also significantly higher than the long-run average, indicating a sustained positive trend in consumer optimism.

Indonesia CPI inflation 3.08% y-o-y (consensus 3.1) in Jul-23

- Indonesia's CPI inflation rate in July 2023 stood at 3.08% year-on-year, close to consensus forecasts and the lowest growth rate since March 2022.
- The July 2023 inflation rate is 1.75 percentage points below the 1-year average and significantly lower by 7.46 percentage points than the long-run average, indicating subdued inflationary pressures and a period of stable prices in the economy.