Minister of Finance Suahasil Nazara highlighted the contribution of gold jewelry prices to Indonesia's core inflation in September 2026. Apart from the influence of gold, core inflation is still showing an upward trend, indicating that domestic demand continues to strengthen. Suahasil revealed that Indonesia's core inflation was recorded at 2.84% on an annual basis (year-on-year/yoy) in September 2026. If we look at the trend over the past year, core inflation shows an increasing trend. The Minister of Finance sees a contribution from the price of gold jewelry to Indonesia's core inflation in September 2026. Apart from the influence of gold, core inflation is still showing an upward trend, indicating that domestic demand continues to strengthen. Suahasil said, Indonesia's core inflation was recorded at 2.84% on an annual basis or Year on Year in September 2026. If we look at the trend this year, core inflation shows an increasing trend. Suahasil said, "If we look at last year, there appears to be a trend, although it is not significant. This is an indication that our aggregate demand is increasing, domestic demand is increasing." Suahasil said in our APBN press conference.

However, when compared with August 2026, core inflation in September recorded a decline. Suahasil explained that this movement was influenced by several factors such as gold prices, especially gold jewelry which contributed to core inflation. However, if the gold component is removed from the core inflation calculation, inflationary pressures actually appear to increase. Core inflation without the gold component rose from 2.35% in August to 2.49% in September 2026

The increase in core inflation outside the gold component shows that price pressures do not solely come from movements in gold jewelry prices. This development is also in line with indications of increasing demand for goods and services in the country.

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