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VIVAnews - Standard Chartered Bank figured Indonesia will have 0.1percent of deflation by March 2011. Year-on-year rate is expected to hit 6.9 percent, higher than the target set by the government at 5.3 percent.
"The inflation rate in March has always been lower," said an economist at Standard Chartered Bank of Indonesia, Erik Sugandi, today.
According to Erik, the deflation in March 2011 is affected by various issues, having national rice production as one of its indicators. Moreover, the exemption of import duty over some food products is also listed as another factor which sways the rate.
Erik said the deflation rate in March 2011 may also be a result of the appreciation of rupiah against foreign currencies. The policy on the benchmark interest rate issued by Bank Indonesia has also helped increase the deflation rate.
Erik said the inflation rate up until the end of 2011 is estimated to reach 7 percent. The assumption is based on the GDP, which is likely to touch 6.5 percent and the rise in world oil prices at US$105 per barrel.
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