The inflation rate is lower than the previous month where Christmas and Holiday season drove the December 2022 inflation rate to 5.51% YoY.
Current account balance posted a higher surplus at USD4.38 bn in 3Q22 (1.28% of GDP). It was higher than consensus at USD3.25 bn so it brings positive sentiment towards market.
For a third consecutive months, Bank Indonesia (BI) delivered a 50 bps rate hike on BI-7DRRR to 5.25% in Nov-22 or in line with consensus.
Indonesia is the best performing market in Asia and among the world’s best-performing emerging markets this year.
Indonesia digital economy value is expected to grow almost 5x from 2021-2030F from the value of USD70 mn in 2021 to USD330 mn in 2030F.
With the Russian coal and gas import ban still firmly in place, coal consumption in the European Union is expected to rise by 7% in 2022 on top of last year’s 14% jump.
After rising to a record high (USD48,078/ton in mid-March) following the Russian invasion of Ukraine late in February, nickel prices have taken a beating dropping to a low USD19,385/ton in July.
The four SOE contractors under our coverage showed acceleration in new contracts growth of 41% YoY in 8M22 to a total of Rp44 tn supported by economic recovery from Covid-19.
As seen on Exhibit 164, palm oil is the most widely consumed vegetable oil and is estimated for 2022, the palm oil consumption amounted to over 73.87 mn mt worldwide.