Indonesia's July Inflation Rate Slows to 3.08% y/y

INFLATION - JAKARTA. Indonesia's annual inflation rate cooled further to 3.08% in July, moving closer to the middle of the central bank's target range and roughly in line with expectations, data from the statistics bureau showed on Tuesday.

A Reuters poll had expected a July rate of 3.1%. Bank Indonesia is targeting 2023 inflation within a range of 2% to 4%.

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The core inflation rate, which strips out government-controlled and volatile food prices, eased slightly more than expected to 2.43% in July from 2.58% a month before. The poll had predicted core inflation.

Inflation in Southeast Asia's largest economy has gradually eased since peaking last September at 6%. The central bank hiked interest rates by a total of 225 basis points between August and January to control prices pressures.