Inflation rate fell to 0.42% in November

Inflation rate fell to 0.42% in November

JAKARTA (JP): Minister of Finance Mar'ie Muhammad announced yesterday that the country's inflation rate fell to 0.42 percent last month from 0.64 percent in October.

"With last month's low inflation rate, we are optimistic that the inflation rate for this year can be checked at a level lower than last year's 9.24 percent," Mar'ie told journalists yesterday after attending the last-stage deliberation of bills on customs and excise at the House of Representatives.

Last month's inflation rate was also lower than the 0.45 percent in November 1994.

The minister explained that the cumulative inflation rate during the January to November period of this year was 7.85 percent, as compared with 8.72 percent recorded in the same period of last year.

Last month's inflation rate was contributed to the increase of food prices by an average of 0.81 percent, housing costs by 0.28 percent, clothing prices by 0.18 percent and other goods and services by 0.17 percent, Mar'ie explained.

"We only have one month left. We are optimistic that we will be able to not only maintain our inflation rate at a one digit level but also curb it to be below last year's figure," Mar'ie said.

He said that the inflation rate for the 1995/1996 fiscal year, started last April, would also be maintained at below 10 percent.

The cumulative inflation rate for the April to November period of this fiscal year reached 4.81 percent, lower than the 5.01 percent recorded in the corresponding period of last fiscal year.

"The government will work hard through its monetary and fiscal policies to check this fiscal year's inflation rate below 10 percent," Mar'ie promised. (rid)