JAKARTA Bank Indonesia (BI) reports that retail sales in October 2022 will be stronger by being at the level of 204.3 based on the Real Sales Index (IPR). This figure grew 4.51 percent year on year (yoy) compared to the same period in 2021.
Executive Director of the BI Communication Department Erwin Haryono said last month's score improved from September 2022 which recorded an IPR level of 198.1, or grew 4.56 percent yoy.
"This improvement is driven by the clothing subgroup in line with the discount program implemented by the retail industry, followed by an improvement in the contraction of automotive spare parts and accessories groups, as well as the motor vehicle fuel group," he said when giving a press statement on Wednesday, November 9.
According to Erwin, in September 2022, retail sales performance was supported by improvements in food, beverage, and tobacco groups and other household appliances, amid slowing growth in the motor vehicle fuel group and clothing subgroup.
"monthly, retail sales contracted by 1.8 percent month to month (mtm). The decline occurred in the majority of groups, especially spare parts and accessories and clothing subgroups caused by decreased demand," he said.
In terms of price, respondents estimate that inflationary pressures in December 2022 and March 2023 will increase. General Price Expectations (IEH) December 2022 and March 2023 were recorded at 146.0 and 140.7, respectively, from 135.4 and 138.7 in the previous month.
"The increase in prices is driven by an increase in raw material prices and an increase in demand according to historical patterns during Religious and National Holidays (HBKN), Ramadan and Christmas," he concluded.
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