May 3, 2017 / 11:12 AM / 9 months ago

Indonesia to delay planned price increases to limit inflation - minister

JAKARTA, May 3 (Reuters) - Indonesia’s government will delay all planned price increases until after the Muslim festival of Eid al-Fitr this year, to help control inflation, a cabinet minister said on Wednesday.

Annual inflation rose to a 13-month high in April, at 4.17 percent, mainly due to increasing electricity tariffs, the statistics bureau said on Tuesday.

“We will not raise prices of LPG (liquefied petroleum gas), electricity and fuel until after Eid,” Darmin Nasution, coordinating minister of economics, told reporters after a limited cabinet meeting with the president.

Eid al-Fitr, which marks the end of Islam’s holy month of Ramadan, falls at the end of June this year.

Inflation typically picks up in the Muslim majority country during the fasting month as people stock up on food, buy new clothes and travel to their home towns.

Nasution said the delay was meant to maintain inflation “at around 4 percent or slightly above 4 percent” at the end of this year.

The central bank has a target for inflation this year to stay in a range of 3-5 percent. (Reporting by Jakarta bureau; Writing by Gayatri Suroyo; Editing by Robert Birsel)

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