Consumer Confidence Index In February 2024 Drops To 123.1

Bank Indonesia (Photo: Antara)

JAKARTA - Bank Indonesia (BI) reported that based on the results of a BI consumer survey in February 2024, it indicated that the Consumer Confidence Index (IKK) was at the level of 123.1, this figure decreased when compared to the position in January 2024 which was 125.0.

Assistant Governor of the Communications Department Erwin Haryono said that the Bank Indonesia Consumer Survey in February 2024 indicated that consumer confidence in economic conditions in February 2024 remained strong, driven by an increasing Consumer Expectation Index (IEK) and the Current Economic Condition Index (IKE) which remained optimistic.

"IEK is increasing, supported by the Income Expectation Index and the Employment Availability Expectation Index," he said in his official statement Wednesday, March 13, 2024.

Meanwhile, IKE is maintained, supported by optimism in all components of its formation. As for IKE in February 2024, it was recorded at 110.9, IKE maintained, driven by optimism in all components of its formation, the highest in the Current Income Index which was recorded at 112.1.

Furthermore, consumer expectations of economic conditions in the next 6 months were observed to increase. This is reflected in the February 2024 IEK which is in the optimistic zone of 135.3, higher than January 2024 of 134.5.

The increase in IEK was driven by increased expectations of income and availability of jobs, which increased by 138.6 and 137.0 in February 2024, respectively, from 134.8 and 133.7 in January 2024.

Furthermore, spatially, IKK increased in parts of the city surveyed by BI. The largest in Palembang City was 5.0 points, followed by Denpasar 3.1 points and Bandung 2.7 points.

Meanwhile, some other cities recorded a decrease in IKK, especially in Banjarmasin City 12.7 points, followed by Surabaya 12.6 points and Medan 11.2 points.