The Bank Indonesia Survey Expressing Retail Sales In August 2022 Stays Strong

Illustration (Photo: Doc. Ministry of Finance)

JAKARTA - Bank Indonesia (BI) stated that retail sales performance is expected to remain strong in August 2022. This is reflected in the forecast of the Real Sales Index (IPR) in August 2022 of 202.8 or grew 5.4 percent year on year (yoy).

Head of the BI Communications Department Erwin Haryono said this was mainly supported by increased sales of food, beverage and tobacco groups.

"Monly, retail sales are estimated to grow 1.3 percent month to month (mtm) after previously experiencing contractions for three consecutive months driven by increased sales of food, beverages and tobacco groups, as well as improvements to parts and accessories groups," he said in an official statement on Friday, September 9.

According to Erwin, in the July 2022 period, the results of the Retail Sales Survey (SPE) indicate that retail sales performance grew higher, as reflected in the IPR July 2022 which was recorded at 200.2 or grew 6.2 percent yoy. The book increased from the previous month's growth of 4.1 percent.

Meanwhile, the increase was driven by an increase in sales in almost all groups of goods, including the clothing subgroup and the motor vehicle fuel group.

On a monthly basis, retail sales growth in July 2022 was recorded at minus 3.1 percent, improving from minus 11.8 percent in the previous month.

"This is mainly in the group of motorized vehicle fuel, clothing subgroup, as well as groups of cultural and recreational goods," he said.

Furthermore, in terms of price respondents estimate that inflationary pressures in October 2022 will decrease and January 2023 will increase. Then, the expectations of the October 2022 General Price (IEH) were recorded at 135.3 lower than 137.5 in the previous month.

"Meanwhile, the IEH in January 2023 was recorded at 144.7 or higher than 138.5 in the previous month," he concluded.