Inflation up 2.65% on rising gold prices

Upward trend: People shopping for items in Surabaya. While global gold prices and firm domestic demand may continue to exert inflationary pressure, the overall inflation rate remains within Bank Indonesia’s target range of 1.5% to 3.5%. — AFP

JAKARTA: Indonesia’s inflation surged in September, driven by gold jewellery prices, which posted their steepest increase in five months.

The country’s consumer price index (CPI) rose 2.65% year-on-year (y-o-y) last month, up from 2.31% in August, while monthly inflation stood at 0.21%, Statistics Indonesia (BPS) data showed.