February Inflation Surges to 0.68%, Gold Prices Drive Main Catalyst

Jakarta — Indonesia’s Central Statistics Agency (BPS) recorded February 2026 inflation at 0.68% on a month-on-month basis, driven by a rise in the Consumer Price Index from 109.75 in January 2026 to 110.50 in February 2026.

“In February 2026, inflation reached 0.68%, representing an increase in the consumer price index from 109.75 in January 2026 to 110.50 in February 2026,” stated Ateng Hartono, Deputy Head of BPS Distribution and Services Division, during a BPS press conference on Monday (2 March 2026).

The most significant driver of inflation was gold, which contributed 0.19 percentage points. Gold and jewellery inflation reached 8.42% year-on-year. According to BPS data, gold inflation has been a notable driver since Ramadan in 2024.

Beyond gold and jewellery, February inflation was also supported by fresh chilli contributing 0.08 percentage points, fresh fish at 0.05 percentage points, red chilli at 0.04 percentage points, and tomatoes, rice, and chicken eggs each contributing 0.02 percentage points respectively.

Gold prices experienced considerable appreciation between January and February 2026. As of the reporting date, Antam gold prices in Indonesia surged to IDR 3.135 million per gram. The increase was driven by escalating geopolitical tensions stemming from conflict between Iran, the United States, and Israel.