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Economic & Fixed Income

02 March 2023

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Tamed inflation; Not enough

  • Inflasi IHK utama menunjukkan perlambatan secara bulanan menjadi 0.16% MoM, meskipun angka inflasi tahunan sedikit meningkat menjadi 5.47% YoY, karena kenaikan harga makanan pokok di tengah curah hujan tinggi di seluruh wilayah.
  • Namun, tekanan dari sisi suplai akan terus mereda seiring dengan turunnya biaya pengiriman, membuka jalan bagi produsen untuk mempertahankan harga produknya.
  • Mengingat tekanan inflasi yang masih terkendali, BI harus mempertimbangkan untuk menaikkan suku bunga kebijakannya untuk menghadapi volatilitas eksternal yang dapat mengganggu stabilitas rupiah.

Inflasi IHK yang lebih tinggi dari perkiraan karena harga bahan pokok terus meningkat. Inflasi IHK Indonesia mencapai 0.16% MoM (Jan: 0.34% MoM) dan 5.47% YoY (Jan: 5.28% YoY) di bulan Februari, lebih rendah dari perkiraan kami (5.51% YoY) tetapi lebih tinggi dari perkiraan pasar (5.42% YoY). Kami mencatat bahwa inflasi pada bulan Februari terutama didorong oleh harga bahan makanan pokok, termasuk beras, bawang merah, cabai, bawang merah, dan kentang, karena curah hujan yang tinggi menghambat produksi dan pasokan (Grafik 1 menunjukkan bahwa beberapa bahan makanan pokok, termasuk beras, mengalami penurunan pasokan, yang menyebabkan lonjakan harga). Namun, karena kami meyakini bahwa curah hujan akan melewati puncaknya bulan ini, serta didukung masa panen yang akan datang, kami yakin harga beras akan segera turun.

Akhir dari masalah rantai pasokan. Menurut Indeks PMI Manufaktur Indonesia dari S&P Markit bulan Februari, aktivitas produksi di sektor manufaktur tetap berada di zona ekspansi (di atas 50) meskipun cenderung datar jika dibandingkan dengan bulan sebelumnya. Order ekspor adalah penyebab utama di balik stagnasi indeks. Namun demikian, catatan penting dari data tersebut adalah: 1) Proses pengiriman dari vendor telah dipersingkat ke level terendah dalam satu tahun, dan 2) Biaya input telah dikurangi secara bertahap. Hal ini mencerminkan pelonggaran hambatan rantai pasokan, yang selama ini menekan pemulihan industri.

Indeks harga grosir juga memberikan bukti bahwa tekanan inflasi masih terkendali. Masalah pasokan global mulai terpecahkan akhir-akhir ini, karena biaya pengiriman dari China ke Eropa dan AS berangsur normal (Grafik 2) dan Baltic dry index melanjutkan tren turunnya (Grafik 3) Indeks harga perdagangan besar manufaktur Indonesia juga terus membaik, kenaikannya melambat menjadi 6.1% YoY pada Januari 2023, salah satu terendah dalam 5 bulan (Grafik 4). Meskipun indeks harga produksi Indonesia masih terus naik (Grafik 5), kami percaya bahwa produsen akan dapat mempertahankan biaya input serta marjin operasinya. Oleh karena itu, harga produk tidak perlu dinaikkan ke depan, dan menjaga IHK utama tetap berada dalam kisaran target Bank Indonesia untuk tahun ini.

BI perlu menaikkan suku bunga acuannya, namun tidak terlalu kencang, untuk mendukung permintaan domestik. Mengingat tekanan inflasi yang terkendali, wajar bagi bank sentral untuk mempertahankan posisinya yang relatif netral. Meskipun demikian, masih ada potensi volatilitas yang dipicu oleh ketidakpastian terminal rate The Fed yang dapat mengancam stabilitas Rupiah dalam beberapa bulan ke depan. Oleh karena itu, kami mendesak BI untuk menyesuaikan suku bunga acuannya setidaknya 25bps untuk meredam depresiasi rupiah y

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