BI Predicts Inflation in West Java Three Percent Until the End of 2023

Armfalcon.com, BANDUNG — Bank Indonesia (BI) West Java predicts the annual inflation rate in West Java Province will be around 3 percent until the end of 2023. Head of West Java BI Representative Erwin Gunawan said that this year annual inflation is predicted to be sloping.

He also believes that the inflation rate in West Java will continue to be controlled by the various efforts made by his party and other policy makers. “Provincial and city TPID (regional inflation control teams) continue to control inflation, strengthen with local governments, for setting tariff policies and the national movement for controlling food inflation we continue to strengthen,” said Erwin at the BI West Java Representative Office, Bandung City, Thursday (11/ 5/2023).

In April 2023, according to him, monthly inflation was recorded to have increased by 0.40 percent compared to the previous month. This, he said, was influenced by the increase in public demand in April which was a religious holiday.

Even so, West Java now has the largest economic growth compared to the other two regions that support the national economy, namely Jakarta and East Java.

In the first quarter of 2023, economic growth in West Java is at 5 percent. This cannot be separated from the still strong economy in West Java.

This is reflected in economic indicators that are moving up, the consumer confidence index, real sales, industrial electricity use, and optimism about business activities that show domestic demand.

“This is in line with the increasing mobility of the people, along with maintained people’s purchasing power,” he said.

Besides that, according to him, there are still a number of economic sector challenges that West Java needs to face. Among them is the slowing down of economic growth in developed countries which could have an impact on exports.

“Surely there will be a follow-up related to global demand which affects export performance, West Java’s dependence on the industrial sector,” he said.

source : Between