By I Made Sentana
JAKARTA--Inflation in Indonesia picked up more than forecast in November, as heavy rains in some parts of the country disrupted production of some basic food commodities.
The Statistics Agency said Thursday the consumer price index rose by 3.58% year over year in November, accelerating from a 3.31% gain in October. On a monthly basis, prices of goods and services gained 0.47%, faster than October's 0.14% rise.
The median forecast of 10 economists polled by the Wall Street Journal had been for a 3.42% year-over-year rise in consumer prices and a 0.32% sequential increase.
The agency said food prices rose 8.5% in November from a year earlier and 1.7% from a month ago.
The year-over-year core inflation rate, which excludes volatile price components and those prices determined by the government, slowed to 3.07% from 3.08% in October, the lowest since the agency started reporting the figure in 2004.
"We hope the core inflation has hit its bottom, because we still need inflation, but not the too high inflation," said Sasmito Hadi Wibowo, a deputy with the agency.
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(END) Dow Jones Newswires
December 01, 2016 00:01 ET (05:01 GMT)
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