Good News From Bank Indonesia: Based On The Survey, Fuel Sales Rise Which Means The Economy Is Recovering Gradually

Illustration (Photo: Doc. Antara)

JAKARTA - Bank Indonesia (BI) reports that retail sales in August 2021 will improve in line with the estimated retail sales performance for September 2021 which will continue to improve gradually.

Head of the BI Communications Department, Muhamad Nur, said that the majority of groups recorded improvements, mainly driven by an increase in sales of the motor vehicle fuel category.

"This condition is in line with the increase in community activities," he said in a press statement, Monday, October 11.

According to Nur, the Real Sales Index (IPR) in August 2021 was recorded at 192.5 or grew 2.1 percent (month-to-month/mtm), accelerating from minus 5.0 percent (mtm) the previous month.

Nur said that the increase mainly came from the spare parts and accessories group, the clothing sub-group, and the motor vehicle fuel group.

"Respondents stated that the increase in sales was driven by public demand in line with the easing of mobility restriction policies in various regions," he said.

Furthermore, on an annual basis, retail sales performance in August 2021 recorded a contraction of minus 2.1 percent (year-on-year/yoy), improving from a contraction of minus 2.9 percent (yoy) in the previous month, mainly driven by improvements in the spare parts group. accessory.

Meanwhile, monthly IPR in September 2021 is estimated to grow minus 1.1 percent (mtm), from 2.1 percent (mtm) in August 2021.

"The group that experienced a decline was mainly the spare parts and accessories group as well as the food, beverage, and tobacco group," he said.

In terms of prices, respondents estimate that inflationary pressures in November 2021 and February 2022 are believed to increase.

The General Price Expectation Index (IEH) for November 2021 and February 2022 were 124.8 and 138.7, respectively, higher than 123.0 and 134.2 in the previous period.

"Respondents from July to August stated that this was still influenced by the increase in raw material prices," concluded Nur.