BPS: Commodity Prices Experiencing Increases

The Central Bureau of Statistics (BPS) reports the development of prices for Indonesia’s leading commodities until April 2023. BPS reports that prime commodities have increased on a monthly basis. However, it has decreased on an annual basis.

According to the ekonomi.bisnis.com, BPS Deputy for Methodology and Statistical Information Imam Machdi detailed the increase that occurred. Commodities that experienced increases month to month (mtm) included palm oil, coal, nickel and crude oil.

“Palm oil as of April costs US$ 1,005.2 per metric ton, up 3.41 percent on a monthly basis. However, it fell 40.26 percent yoy (year on year). Coal was US$ 194.3 per metric ton, up 3.77 percent, but down 37.50 percent yoy. Nickel is US$ 23.9 per metric ton, up 2.60 percent on mtm basis and down 27.88 on yoy basis,” said Imam in a press meeting (15/05/2023).

Furthermore, the price of crude oil increased to US$ 82.5 per bbl or up 7.83 percent on a mtm basis. However, when compared on a yoy basis, crude oil prices fell 20.26 percent.

Meanwhile, iron ore and natural gas commodities decreased. Both mom and yoy. The price of iron ore was at US$ 117.4 per dmtu, down 8.55 percent on mtm basis and 22.39 percent on yoy basis. The price of natural gas was also recorded to have fallen to US$ 2.2 per Mbtu or decreased by 6.24 percent on a mtm basis and 66.91 percent on a mtm basis.

Imam also said that until April 2023, the rupiah exchange rate against the US dollar was relatively weak compared to the previous month. As of April 28, 2023, the exchange rate is Rp. 14,661. So that the average Jisdor exchange rate in April 2023 is IDR 14,844.