Bank Indonesia (“BI”) expects rising inflation for 2022 Q3. This will result in BI raising benchmark interest rate, which is currently at the lowest level in history. BI Governor Perry Warjiyo commented that 2022’s inflation rate will be higher than the previous year’s 1.87%, but remains within the central bank’s target of 2%-4%. According to Perry, the rise in inflation this year will be driven by increased domestic demand, as the economy recovers from impacts of the pandemic.

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