MACROECONOMICS – JAKARTA. The results of Bank Indonesia's (BI) Consumer Survey recorded the Consumer Confidence Index (CCI) at the level of 123.1 in February, a decrease compared to the position in January 2024 which was 125.0. However, consumer optimism remains strong during this period.
Based on BI's official statement on Wednesday (13/3), consumer confidence in the economic conditions in February 2024 remains strong, driven by the Consumer Expectation Index (CEI) which increased and the Current Economic Condition Index (CECI) which remains optimistic.
BI noted, the CEI increased supported by the Income Expectation Index and the Job Availability Expectation Index. Meanwhile, the CECI remains stable, supported by optimism in all its constituent components.
The CECI for February 2024 was recorded at 110.9, the stability of the CECI was driven by optimism in all its constituent components, the highest being the Current Income Index which was recorded at 112.1.
Furthermore, consumer expectations for economic conditions 6 months ahead are observed to increase. This is reflected from the CEI in February 2024 which is in the optimistic zone of 135.3, higher than in January 2024 which was 134.5.
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The increase in the CEI was driven by increased expectations for income and job availability, which each became 138.6 and 137.0 in February 2024, up from 134.8 and 133.7 in January 2024.
Furthermore, spatially the CCI increased in most cities surveyed by BI. The largest in Palembang city by 5.0 points, followed by Denpasar by 3.1 points and Bandung by 2.7 points.
Meanwhile, some other cities recorded a decrease in the CCI, especially in Banjarmasin city by 12.7 points), followed by Surabaya by 12.6 points and Medan by 11.2 points.
