Cooking Oil Hike Contributes to Annual Inflation: BPS
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1 March 2022 16:05 WIB
TEMPO.CO, Jakarta - The central statistics agency, Statistics Indonesia or BPS, recorded annual inflation of 2.06 percent (YoY) in February 2022. Among contributing factors were the increase in food prices, including cooking oil, as well as fuel such as LPG.
"A contributing factor of the 2.06 percent annual inflation was the increasing price of cooking oil. Annually, the price of cooking oil still shows inflation of 0.20 percent," BPS deputy for distribution and statistical services, Setianto, said in a press conference, Tuesday, March 1st.
From the end of 2021 to early 2022, cooking oil experienced a price surge. The price of one liter of cooking oil had soared to more than Rp20,000 before the government intervened and capped the maximum retail price (HET) at Rp14,000.
The situation led to the food, beverage and tobacco group contributing the largest to annual inflation with 2.51 percent, followed by apparel and footwear with a contribution of 1.89 percent.
Meanwhile, the LPG price hike had led to a 1.46-percent inflation contribution from the housing, water, electricity, and household fuel group. In December 2021. Pertamina raised the price of non-subsidized LPG before readjusting the price on February 27.
On a monthly basis, the BPS reported a 0.02 percent deflation as a result of the HET policy that was followed by a decline in other commodity prices.
Read: Trade Ministry Ensures Cooking Oil Supply Increases Ahead of HET Implementation
Francisca Christy Rosana
