JAKARTA - Minister of Investment/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia said that one of the factors that increased the level of public satisfaction with Indonesian President Joko Widodo was the success of suppressing inflation.
Bahlil assessed that the formula for suppressing inflation by Jokowi was not in the books, including the ordinary economic literature. According to him, special instruments are needed, namely the monetary economy in Bank Indonesia (BI), and it is implemented through a monetary tightening policy, such as curbing the circulation of the rupiah.
"Incidentally, Pak Jokowi's way of managing inflation is different from the general one, outside of negligence. In the past, through fiscal policy, raising interest rates or lowering BI interest rates," said Bahlil, as reported by Antara, Sunday, April 30.
Bahlil detailed how Jokowi manages inflation outside of management. For example, when 6 percent, the Head of State asked his staff to explain the sources of the contribution of inflation.
According to him, the contribution of inflation after checking is staples, including cooking oil, then the President makes a formulation that inflation control does not only rely on regulations at Bank Indonesia.
He told that President Jokowi's way of controlling prices is to ask local governments (Pemda) to play a role in controlling inflation which is influenced by soaring food prices.
He also gave an example by providing a logistics cost subsidy so that the price of shallots at the Brebes and Lampung production centers is soaring.
"That way, the price obtained in one area is relatively the same as the area where the basic needs come from. Prices are controlled and stable," he said.
He continued, regarding the cost of transportation subsidies for basic goods, the value is small, but the impact is very large and widespread.
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