'Bombed' By Bamsoet, 12 Percent Inflation, Jokowi Immediately Summons A Number Of Ministers For A Meeting At The Palace

Illustration (Photo: Screenshot of Youtube BI)

JAKARTA - President Joko Widodo (Jokowi) is known to hold the 2022 National Coordination Meeting for Inflation Control by summoning a number of ministers and related officials to the Merdeka Palace, Jakarta.

It appears that the Minister of Finance (Menkeu) Sri Mulyani with Coordinating Minister for the Economy Airlangga Hartarto, Coordinating Minister for Investment Luhut Binsar Panjaitan, and Governor of Bank Indonesia (BI) Perry Warjiyo are in the front row with the Head of State.

Meanwhile, several ministers and heads of other institutions also packed the Palace meeting room. In his explanation in front of his aides, the President said that inflation is the main focus of the world today.

“Inflation is now the scourge of all countries. Our inflation is 4.9 percent (year on year / yoy), while other countries are very high above 6 percent and some are even 79 percent (Turkey)," he said as broadcast through a virtual channel on Thursday, August 18.

On the same occasion, Coordinating Minister Airlangga admitted that the inflation rate was in a high upward trend.

"Mr. President, we can convey that inflation control is facing challenges," he said.

He also informed that the inflation target for this year had increased from the previous 3 percent plus minus 1 percent to 4 percent to 4.9 percent.

Then, BI Governor Perry Warjiyo explained that the central bank will continue to make efforts to stabilize the rupiah exchange rate amidst rising inflationary pressures.

"This is useful for supporting economic growth and controlling inflation," he said.

Earlier on Tuesday, August 16, the People's Consultative Assembly (MPR) Chairman Bambang Soesatyo Bambang Soesatyo had mentioned the inflation movement which has consistently continued to increase since the beginning of 2022. In fact, the politician who is familiarly called Bamsoet issued a statement that the inflation level could penetrate double digits next month.

“In September 2022, we are predicted to face the threat of hyperinflation with inflation rates in the range of 10 to 12 percent. The rate of increase in inflation, accompanied by soaring food and energy prices, is increasingly weighing on the people, who have just emerged from the COVID-19 pandemic," he said in his speech to the MPR Annual Session.