Retail Sales Reach 4.5 Percent In July 2024 Grow Annually And Drop Monthly

Bank Indonesia (Photo: Antara)

JAKARTA - Bank Indonesia (BI) noted that retail sales in July 2024 increased when compared to the same period last year even though it contracted monthly.

Based on a retail sales survey of Bank Indonesia (BI), retail sales increased as reflected in the Real Sales Index (IPR) recorded 212.4 or grew by 4.5 percent year on year (yoy) compared to the previous month.

Assistant Governor of Bank Indonesia for Communication Erwin Haryono said the increase was mainly driven by the Food, Beverage, and Tobacco Groups growing 6.5 percent (yoy) and the Subgroup of Sandang 3.4 percent (yoy).

"Meanwhile, sales of the Partite Cadang and Accessori Groups 1.7 percent (yoy) and Motor Vehicle Fuel were recorded to continue to grow 1.7 percent (yoy)," he said in his statement, Tuesday, September 10.

On a monthly basis, retail sales contracted 7.2 percent month to month (mtm) due to post-HBKN Iduladha normalization of demand.

Some groups are still growing and holding back a deeper decline in retail sales performance, namely the Subgroup of Sandang grew 5.2 percent (mtm) and the Motor Vehicle Fuel Group 0.6 percent (mtm), while the Cultural Goods and Recreation Group 6.3 percent (mtm) grew despite slowing down.

In terms of price, Erwin said that there will be inflationary pressures in the next 3 and 6 months, namely in October 2024 and January 2025 it is predicted to increase.

This is reflected in the General Price Expectation Index (IEH) in October 2024 and January 2025 which were recorded at 141.3 and 166.7, respectively, higher than the previous recorded periods of 134.5 and 161.0 in line with the historical pattern of the last 3 years.