Report published September 1, 2026
Indonesia: Inflation Rises on Higher Food Prices — Goldman Sachs Research
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 1, 2026
- Analysis as of
- Not stated in source
Authors / editors: Chris Poh, Danny Suwanapruti
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Indonesia's headline CPI inflation accelerated to 3.2% yoy in August 2026 from 2.9% yoy in July, outpacing consensus expectations. The pickup in sequential momentum to 0.3% mom was driven by higher food and beverage prices, partially offset by declining transport costs.
Key Takeaways
- 1.Indonesia's headline CPI inflation rose to 3.2% yoy in August 2026 from 2.9% yoy in July, exceeding both Goldman Sachs estimates and Bloomberg consensus (3.1% yoy).
- 2.Sequential momentum picked up with headline CPI increasing 0.3% mom (NSA), driven primarily by higher meat and chili prices within the food and beverage category.
- 3.Core CPI inflation ticked up to 2.9% yoy in August from 2.8% yoy in July, while transport prices fell 0.1% mom due to lower airfares and gasoline prices.
Table of Contents
- Indonesia: Inflation rises on higher food prices
- Bottom line
- Key numbers
- Main points
- Disclosure Appendix
- Reg AC
- Disclosures
- Regulatory disclosures
- Global product; distributing entities
- General disclosures
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| Indonesia Headline CPI Inflation | 3.2% | Headline CPI inflation rose from 2.9% yoy in July |
| Indonesia Headline CPI Inflation GS Estimate | 3.1% | GS forecast for August YoY CPI |
| Indonesia Headline CPI Inflation Consensus | 3.1% | Bloomberg consensus forecast for August YoY CPI |
| Indonesia Headline CPI MoM (NSA) | 0.3% | Sequential month-on-month inflation, up from -0.1% mom (NSA) in July |
| Indonesia Core CPI Inflation | 2.9% | Core CPI increased from 2.8% yoy in July |
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Authors / Editors
Reported Data Context
- Indonesia Headline CPI Inflation: 3.2 % (August 2026)
- Indonesia Headline CPI Inflation GS Estimate: 3.1 % (August 2026) · Source: Goldman Sachs
- Indonesia Headline CPI Inflation Consensus: 3.1 % (August 2026) · Source: Bloomberg
- Indonesia Headline CPI MoM (NSA): 0.3 % (August 2026)
- Indonesia Core CPI Inflation: 2.9 % (August 2026)
Themes
Regions
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