In general, November 2019 is in line with our previous predictions that this month will experience low inflation. General inflation (MoM) was only 0,14%, although this figure increased from the previous month which only reached 0,02%. The amount of inflation was driven more by inflation in the volatile goods expenditure group. Declining core inflation indicates a decline in purchasing power, which is also reflected in the decline in the core inflation rate (YoY) to 3,08%. Another positive thing that can be observed is the downward trend in inflation (YoY) for the group of goods regulated by the government since May this year. We see that improvements in logistics infrastructure and distribution systems play a role in reducing inflation. Looking at the inflation rate until November, we estimate that YoY inflation at the end of the year will be lower than the previous estimate of 3,0-3,4 percent, although consumption levels will increase again in December - especially with the momentum of the Christmas and New Year holidays. new.

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