30 Months in a Row, Gold Jewelry is a Driver of February 2026 Inflation

JAKARTA - The Central Statistics Agency (BPS) reported that the continued increase in gold prices was also a driving factor for monthly inflation.

The strengthening of global gold prices makes this commodity one of the main contributors to February 2026 inflation, which was recorded at 0.68 percent on a monthly basis (month to month/mtm) and 4.76 percent on an annual basis (year on year/yoy).

BPS Distribution and Services Statistics Deputy, Ateng Hartono, explained that the price of gold in the international market jumped from 2,398 US dollars per troy ounce in July 2024 to 5,002 US dollars per troy ounce in February 2026.

"This means that it has increased more than two times for the price of gold," he said in a press conference, Monday, March 2.

He revealed that the inflation of gold jewelry in February 2026 reached 8.42 percent on a monthly basis with a contribution to inflation of 0.19 percent, and this commodity has recorded an increase in prices for 30 consecutive months.

He noted that the inflation of gold jewelry in February 2026 reached 8.42 percent (mtm) with an inflation contribution of 0.19 percent (mtm), and this commodity experienced inflation for 30 consecutive months until February 2026.

"Gold jewelry commodities have experienced monthly inflation for 30 consecutive months. The inflation of gold jewelry in February 2026 was 8.42 percent and contributed 0.19 percent to inflation," he said.

In addition, jewelry gold also contributed the largest inflation in the personal care and other services group.

In February 2026, this group recorded inflation of 2.55 percent with a contribution of 0.19 percent, higher than the previous month and the same period in previous years.

"The inflation rate for this group is greater than the previous month and the same months in the previous period. The commodities that contributed the most to inflation in the other personal care and services group were gold jewelry commodities," he said.

Historically, the trend of jewelry gold inflation continues to increase, namely in February 2023 it was recorded at 0.12 percent (mtm), rising to 0.64 percent in February 2024, jumping to 5.53 percent in February 2025, and again increasing to 8.42 percent in February 2026.

On an annual basis, the personal care and other services group experienced inflation of 16.66 percent with a contribution of 1.12 percent, and this increase was mainly triggered by jewelry gold which has consistently recorded annual inflation since February 2022.

Meanwhile, amid the surge in gold prices and demand, Indonesia also recorded a significant increase in imports of precious metals and jewelry.

The largest imports come from Australia with a share of 47.54 percent and an annual growth of 634.30 percent.

"Non-oil and gas imports from Australia were recorded at US$1.07 billion, this was mainly dominated by imports of precious metals and jewelry/gems. It turns out that jewelry or precious metals are imported from Australia with a share of 47.54 percent or growing 634.30 percent annually," he said.