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Oil price hike may increase inflation to 11 percent JAKARTA - The Indonesia's oil price hike will contribute between 2 percent and 3 percent on inflation rate, bringing the country's inflation between 10 percent to 11 percent, a minister said here Thursday. Indonesian Coordinating Minister for Economy Aburizal Bakrie said that based on the current prices hikes resulted from the oil price hike, the contribution seemed less than 3 percent.

"If the contribution is 2 percent the inflation would be 10 percent, and if 3 percent it would be 11 percent," he said. "Hopefully, in welcoming the Islamic festival of Idul Fitry, Chrismas and New Year Eve, the price can be controlled," he said. Separately, Director of Research and Monetary Policy of the Indonesian Central Bank, the Bank of Indonesia Pery Warjito said that the prediction would happen on condition that the government not to issue any policy that could significantly affect on economy.

"It is predicted that the inflation next year will return to normal, may be in the second half it would be about 7 to 8 percent as long as there is no new policy," he said. Although a member of the Organization of the Petroleum Exporting Countries, Indonesia imports significant amount of oil. The country sells fuel domestically at subsidized prices, so soaring world prices gives pressure on the economy and the government budget.

The condition prompts the government to increase oil price by 126.6 percent on average on Oct. 1, and provided cash to poor family to help them to be able to reach the price.


Link to related event Related event:
Fuel price hike 1 October 2005

Related blog entries (category 'Economy') Related blog entries (category 'Economy'):
01 October 2005 · Indonesia fuel-price hikes spark strikes
30 September 2005 · Indonesia shocks with fuel price moves
30 September 2005 · New fuel prices up by 126%
30 September 2005 · Police fires tear gas at Jakarta students
30 September 2005 · Short news around fuel price hikes


Posted in Economy @ 06 October 2005 18:57 CET by Jeroen · 'Blog' RSS feed · permalink





Jeroen
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User icon of Jeroen
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Fuel scarcity worsens before price hikes

Gasoline and diesel shortages worsened across Indonesia as the government's scheduled price increase on Oct. 1 draws near, Jakarta Post reported on Tuesday. Filling stations were packed with long lines of vehicles, while police officers desperately tried to track down on and nab people thought to be hoarding fuel until the price goes up, according to the Jakarta Post.




Jantje
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I'm glad to have an inlaw visitor dirumah. He can fill up my tank and jerrycan tomorrow at the gas station. This will take him at least 2 hours because of the kilometer queue. This since Monday morning. Emoticon: Puh!



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