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Bank Indonesia raises inflation forecast to 14% JAKARTA - Bank Indonesia, the nation's central bank, raised its inflation forecast for this year to 14 percent from 12 percent after the government's more-than-expected fuel price increase, Governor Burhanuddin Abdullah said. The central bank expects October's inflation to accelerate 5.1 percent from the previous month, Abdullah said in a speech in Jakarta today.

"There is a possibility for us to increase the interest rate,'' Abdullah said. "We are keeping tight monetary policy until the first semester of next year.'' Higher inflation may force the central bank to raise its reference rate for bill sales. Bank Indonesia raised the benchmark rate a full point to 11 percent on Oct. 4, the fourth increase in nine weeks. The central bank's one-month bill, known as the Sertifikat Bank Indonesia, or SBI, last yielded more than 10.5 percent in May, 2003.

"If they feel that by the end of the year inflation will reach 14 percent, indirectly they are saying that SBI interest rate will be at least 15 percent,'' said Purbaya Yudhi Sadewa, an economist at Danareksa Research Institute in Jakarta. The central bank's inflation forecast is still low, he said.

President Susilo Bambang Yudhoyono's government on Oct. 1 almost tripled kerosene prices and more than doubled diesel tariffs to cap energy subsidies that have eroded confidence in the nation's finances and caused a currency slide in the only member of OPEC that is a net oil importer. Gasoline prices rose 87.5 percent.


Related blog entries (category 'Economy') Related blog entries (category 'Economy'):
03 October 2005 · Inflation rate at 33-month high in September
23 September 2005 · Indonesia set for fuel cost rise
04 September 2005 · IMF lauds Indonesia for moves to tackle currency woes
29 August 2005 · Rupiah loses more ground as market confidence ebbs
27 April 2005 · 'Indonesia might raise interest rates’


Posted in Economy @ 24 October 2005 18:43 CET by Jeroen · 'Blog' RSS feed · permalink






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