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Indonesia central bank: Inflation target achievable

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November 8, 2008

Indonesia central bank: Inflation target achievable
Indonesia should be able to achieve its year-end inflation target of 11.5-12.5 percent, Central Bank Governor Boediono said on Friday, after a decline in October's annual inflation and helped by cuts in subsidised gasoline prices, reported Reuters.

Indonesia's annual inflation eased in October to 11.77 percent from a two-year high of 12.14 percent as food price pressures eased on the back of a fall in global commodity prices.

"Inflation is under control. I am very optimistic that we can achieve our inflation target," Boediono told reporters.

The central bank, Bank Indonesia, expects inflation to fall to 6.5-7.5 percent next year due to lower food and fuel prices.

When asked whether a government decision to cut subsidised gasoline prices would help ease inflation, he said: "hopefully so because we have put the price cut into consideration."

The steep decline in global oil prices has prompted the government to cut gasoline prices by about 8 percent, which could help ease inflationary pressures and reduce the drag on economic growth.

Indonesia raised fuel prices by an average of nearly 30 percent in May in order to reduce its ballooning subsidy bill, a move which caused May's annual inflation to jump into double digits.

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