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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday
MNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
Underlying Inflation Moves Down Toward Target Mid-Point, BI On Hold
Headline inflation rose to 5.5% in February from 5.3%, close to expectations. However, core inflation eased to 3.1% y/y in February from 3.3%, the lowest since August and close to the middle of Bank Indonesia’s (BI) 2%-4% target band. BI has said before that it is focused on underlying inflation to assess the extent of second round effects. It will be happy with the February result and it validates its stance of no further rate hikes. It is expected to pause again at the March 16 meeting.
- The increase in headline inflation was driven by the volatile food component. Food, drinks and tobacco rose to 7.2% y/y from 5.8% in January. Transportation moderated slightly to 13.6% from 13.9% and utilities to 3.4% from 3.6%. State-administered prices, which include public transport, fuel & cigarettes, remained high at 12.2% y/y.
- Indonesian core inflation is well below that of non-Japan Asia ex China as the latter continued to rise in January (see chart). Indonesia’s headline was also below in January. They are the first in the region to release CPI data and so Asia’s February inflation trends will evolve over March.
Source: MNI - Market News/Refinitiv/Bloomberg
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