The Central Statistics Agency (BPS) announced that rice inflation will begin to weaken in March 2024. According to data released, rice commodity inflation in that month reached 2.06% on a monthly basis (month to month/mtm).
This shows a decrease compared to the inflation figure in February 2024 which reached 5.32% (mtm).
Acting Head of BPS Amalia Adininggar Widyasanti revealed that although rice is still experiencing inflation, the trend is starting to weaken. This occurs in line with increasing harvest activities which contribute to increasing rice production.
Amalia explained that changes in planting and harvest periods affect rice price patterns. This caused the price of rice to experience a significant increase some time ago.
From BPS data, rice inflation occurred in the first three months of 2023, and occurred once more from the end of 2023 until reaching its highest point in February 2024.
Even though rice inflation still contributed to the general inflation rate in March 2024 of 0.09% (mtm), Amalia stated that this condition was relatively lower compared to the previous month.
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However, the price of rice at the retail level is still increasing. BPS data shows that in March 2024, rice prices will increase at both wholesale and retail levels.
At the wholesale level, there was an increase in rice inflation of 0.90% (mtm) and rose 20.64% on an annual basis (year on year/yoy). Meanwhile at the retail level, rice inflation was also recorded to have increased by 2.06% (mtm) and increased by 20.07% (yoy).
“Retail rice inflation of 20.07% (yoy) is the highest since February 2011, when it reached 23.34% (yoy),” added Amalia. (Z-10)
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