BI Records Retail Sales Up In February 2024, This Is The Motivater Factor

Bank Indonesia (Photo: Antara)

JAKARTA - Bank Indonesia (BI) reported that retail sales performance in February 2024 increased. This is reflected in the Real Sales Index (IPR) in February 2024, which grew 3.6 percent (yoy) on an annual basis and reached 208.5.

Assistant Governor of the Communications Department Erwin Haryono said the increase was driven by the increasing growth of food, beverage, and tobacco groups, as well as the improving group of information and communication equipment and groups of cultural and recreational goods.

"monthly, the growth rate also records improvements even though it is still in the contraction zone. This improvement is driven by an increase in community activities during the Chinese New Year's National Religious Holiday (HBKN) period, the 2024 General Election, and preparation for needs ahead of the month of Ramadan," he explained in his official statement Thursday, March 14, 2024.

Erwin conveyed that the increase mainly occurred in the information and communication equipment group, followed by other groups of items in clothing subgroups, cultural and recreational goods groups, as well as food, beverage, and tobacco groups.

In January 2024, the IPR on an annual basis reached 210.5 or grew 1.1 percent (yoy). The retail sales performance was supported by increased sales growth in other household appliances as well as spare parts and accessories groups, while the information and communication equipment group improved even though it was still contracting.

Meanwhile, on a monthly basis, retail sales growth contracted 3.5 percent (mtm), in line with the normalization of public demand after the end of the Christmas and New Year 2024 HBKN as well as unfavorable weather conditions.

Erwin said the decline mainly occurred in other groups of clothing subgroups, information and communication equipment, as well as cultural and recreational goods.

In terms of prices, the April and July 2024 General Price Expectation Index (IEH) were recorded at 165.9 and 146.7, respectively.

According to Erwin IEH April, the increase was driven by an estimated price increase during the 2024 Eid Al-Fitr HBKN, while the increase in the July IEH was driven by school holidays and the start of the new 2024 school year.