Retail Sales In June 2024 Predicted To Increase, This Is The Motivater Factor

Illustration (Photo: Doc Antara)

JAKARTA - Bank Indonesia (BI) reported that retail sales performance in June 2024 is predicted to increase.

Based on the Bank Indonesia (BI) retail sales survey, this estimate is reflected in the June 2024 Real Sales Index (IPR) which reached 232.8 or an annual growth of 4.4 percent (yoy).

Assistant Governor of Bank Indonesia for Communication Erwin Haryono said the increase in retail sales was driven by other Household Equipment Groups, Subgroups of Clothing, as well as Food, Beverage, and Tobacco Groups.

Erwin said that monthly retail sales are predicted to grow 2.1 percent (mtm), higher than the previous month's growth which contracted.

"The increase was driven by the Subgroup of Clothing, Cultural Goods and Recreation Groups, as well as Food, Drinks, and Tobacco, in line with the increase in activity during the National Religious Holidays (HBKN) Eid al-Adha and the school holiday period," he said in his statement, quoted Wednesday, July 10.

Meanwhile, in May 2024, IPR was recorded at 228.1 or an annual growth of 2.1 percent (yoy), an increase compared to the previous month.

Erwin said the increase was driven by the Subgroup of Sendang, Food, Beverage, and Tobacco Groups, as well as the Parts of Cadang and Accessori.

On a monthly basis, retail sales are predicted to contract by 3.5 percent (mtm) in line with the normalization of community activities after the Idul Fitri HBKN.

According to Erwin, deeper contractions were restrained by several groups that were still growing positively, namely the Parts of Cadang and Accessori and Motor Vehicle Fuel.

In terms of price, inflationary pressures for the next 3 months in August 2024 are forecast to decline, while inflation for the next 6 months in November 2024 is forecast to increase.

This is reflected in the August 2024 General Price Expectation Index (IEH) which was recorded at 136.4, lower than IEH in the previous period which reached 142.5.

Furthermore, Erwin said, the decline in the IEH in August 2024 was driven by a price discount strategy at the Independence Day event of the Republic of Indonesia (HUT RI).

Meanwhile, IEH November 2024 was recorded at 144.8, higher than the previous IEH period of 142.0.