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Economy

Indonesia's inflation hits 2-year high in March ahead of Ramadan

Country braces for more price increases from holy month, global energy hikes

People shop for cooking oil made from palm oil at a supermarket in Jakarta.   © Reuters

JAKARTA -- Indonesia posted its biggest inflation rate increase in nearly two years in March, and is poised to see further hikes with the arrival of the Islamic fasting month of Ramadan and the government's decision to raise the price of a premium-grade gasoline on Friday.

Indonesia's headline consumer price index rose 2.64% year on year in March, the biggest climb since April 2020. But the inflation rate is still well within Bank Indonesia's target range of 2-4% this year.

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