Retail Sales Grow Positively In October 2023

Illustration (Photo: Doc. Antara)

JAKARTA - Bank Indonesia (BI) recorded the Real Sales Index (IPR) in October 2023 of 206.3 or a year of growth of 1.8 percent (yoy).

Meanwhile, retail sales performance in October 2023 increased when compared to the previous year.

Executive Director, BI Communication Department Erwin Haryono revealed, the increase in retail sales performance was driven by several sales groups.

Especially in other household supplies, spare parts and accessories, as well as food, drinks and tobacco.

On a monthly basis, retail sales growth is predicted to increase by 2.6 percent (mtm), driven by several groups such as Food, Drinks, and Tobacco as well as other Household Equipment.

"In line with the increase in domestic demand, the preparation of the Christmas National Religious Holiday (HBKN), and the smooth distribution," Erwin said in his statement, Thursday, November 9.

In September 2023, IPR was recorded at 201.1 or an annual growth of 1.5 percent (yoy).

The strong retail sales performance was driven by clothing subgroups, spare parts and accessories groups, as well as higher-growing motor vehicle fuels.

On a monthly basis, retail sales experienced a contraction of 1.5 percent (mtm). The declining retail sales performance mainly occurs in clothing subgroups, motor vehicle fuel groups, as well as spare parts and accessories.

In terms of price, inflationary pressures in December 2023 and March 2024 are predicted to increase. This is indicated by the General Price Expectation Index (IEH) in December 2023 and March 2024 of 131.2 and 133.0, respectively, higher than the previous month's IEH of 119.9 and 129.7, respectively.

Respondents informed that the increase was driven by price increases in line with the Christmas National Religious Holiday period (HBKN), year-end holidays and schools, as well as the momentum of the month of Ramadan in 2024.