Indonesia Apr CPI Rises 2.42% YoY, Below Forecast; Mar Exports Turn Down 3.1% YoY, Miss; Apr Manufacturing PMI Contracts for First Time in Nine Months
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Indonesia's April Consumer Price Index (CPI) rose 2.42% YoY, below the expected 2.7%, while March exports fell 3.1% YoY, missing forecasts. The S&P Global Manufacturing PMI dropped to 49.1, indicating contraction for the first time in nine months. Manufacturing output declined due to rising costs and supply shortages, with job cuts at the steepest rate in ten months. Input cost inflation reached its highest since April 2022, prompting significant price increases by companies. Despite challenges, manufacturers remain optimistic about future output growth, though confidence has waned due to geopolitical concerns.
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