In September 2023, Indonesia recorded well-maintained inflation at 3.01%. Erwin Haryono, the Head of the Communication Department at Bank Indonesia, stated that the Central Statistics Agency (BPS) reported a Consumer Price Index (CPI) inflation rate of 0.19% in September. This figure is lower than the 3.27% recorded in August.

Erwin added that the decline in inflation was attributed to the consistent monetary policies implemented by Bank Indonesia and the Regional Governments, which are part of the Inflation Control Team. As stated in the official announcement on Tuesday, October 3, 2023, Erwin also mentioned the strengthening of the national movement for controlling food inflation.

Bank Indonesia holds a positive outlook on inflation through early 2024, with an estimation that inflation will remain at 3.0% for 2023 and decrease to 2.5% in 2024.

BPS also noted that inflation remained relatively stable and decreased by 0.01% compared to the previous month. This decrease was driven by inflation in mobile phone credit tariffs and education expenses. September 2023's inflation rate, which reached 2%, is lower than the previous year's rate of 2.18%.

However, inflation in consumable food products increased from a deflation rate of 0.51% in August to 0.37%. The main contributors to food price inflation were rice and beef prices, but it was successfully mitigated by the stability in chicken, onion, and chili prices.

Erwin explained that the increase in inflation was contained by the deflationary trend in tariff adjustments returning to normal levels. This was influenced by the end of subsidized fuel price adjustments.