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Economy

Indonesia inflation rate climbs to 5-year high of 4.35% in June

Increase exceeds target of 2% to 4% as oil prices and Ukraine war wreak havoc

Higher food costs and a surge in global oil prices have fueled Indonesia's inflation.   © Reuters

JAKARTA -- Indonesia's inflation rate in June took its biggest leap in nearly five years as more consumer-facing businesses passed on rising costs via price increases.

Indonesia's consumer price index rose 4.35% in June, the biggest year-on-year climb since June 2017. The inflation rate exceeded Bank Indonesia's target range of 2% to 4% this year.

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