Indonesia Statistics (BPS) recorded the Consumer Price Index (CPI) for July 2021 to experience an inflation of 0.08% MoM. This figure increased from the previous month, which booked 0.16% MoM deflation. NHKSI Research observed that inflation in July was due to an inflation increase in the volatile food and administered prices category. On an annual basis, CPI inflation in July 2021 was 1.52% YoY, higher than the previous month’s 1.33% YoY. Meanwhile, the core group for July 2021 recorded inflation of 0.07% MoM, or down from the previous month’s inflation of 0.14% MoM. We also see that the re-implementation of the PPKM has limited demand recovery, which then slowed down core inflation.

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