JAKARTA: Indonesia’s annual inflation rate cooled further to 3.08% in July, moving closer to the middle of the central bank’s target range and roughly in line with expectations, data from the statistics bureau showed on Tuesday.

A Reuters poll had expected a July rate of 3.1%.

Bank Indonesia is targeting 2023 inflation within a range of 2% to 4%.

The core inflation rate, which strips out government-controlled and volatile food prices, eased slightly more than expected to 2.43% in July from 2.58% a month before.

The poll had predicted core inflation. Inflation in Southeast Asia’s largest economy has gradually eased since peaking last September at 6%.

The central bank hiked interest rates by a total of 225 basis points between August and January to control prices pressures.