JAKARTA: Indonesia’s annual inflation rate was at 2.61% in December, official data showed on Tuesday, below a median forecast of 2.72% in a Reuters survey of economists.

The inflation rate was within Bank Indonesia’s (BI) target range for 2023 of 2% to 4%.

The central bank targets inflation within a new range of 1.5% to 3.5% for 2024.

Indonesia buys rice in tender for 534,000 metric tons

BI raised interest rates by a total of 250 basis points between August 2022 and October 2023 to keep inflation in check and maintain stability in the rupiah currency.

The statistics bureau is due to release core inflation data later on Tuesday.