Bank Indonesia will wait a few more months to raise rates from a record low despite rising inflation and aggressive moves by the U.S. Federal Reserve, according to a Reuters poll of economists that showed a growing minority expect a hike next month.
Indonesia will lift its palm oil export ban from Monday, May 23, following improvements in the domestic cooking oil supply situation, President Joko Widodo said on Thursday.
- The war in Ukraine and drought fuelled by climate change has sent global prices for grains, cooking oils, fuel and fertilizer soaring. Rising prices for basic food staples is fuelling protests from Indonesia to Iran. European wheat prices have jumped 74% and benchmark palm oil futures went up 24% since January.
Indonesia's trade minister on Wednesday said he expected prices of cooking oil would stabilise after a programme to distribute subsidised supplies reaches 10,000 locations across the country. The trade ministry and state food company ID Food on Tuesday launched a scheme that allows low-income households to buy up to two litres of cooking oil a day at 14,000 rupiah per litre.
- Earthquake of magnitude 6.1 struck southwest of Sumatra in Indonesia in wee hours of Tuesday, European-Mediterranean Seismological Centre said, The quake was at a depth of 40 km, EMSC said.
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