Rafizi said this was based on data collected when the prices of goods peaked in September 2022 and data published by the statistics department.

He said the signs indicated that the peak for rising cost of goods has passed.

“We hope that on a month-to-month basis, though the drop is 0.1%, the descending pattern will continue,” he said during a press conference on February’s consumer price index (CPI).

Should the downward trend continue, Rafizi said the inflation rate could hit a rate of 3.1% to 3.3% by the end of the year.

However, this was also dependent on factors outside the ministry’s control, such as international supply chains and floods locally, he said.

Last week, the statistics department said inflation has remained at 3.7%, driven by food and beverages, household essentials and health products.

Although the inflation rate has reached a more stable point, Rafizi added that the government was aware that the prices of goods were still high when compared to the people’s income.

In light of that, Rafizi said the public would be able to access the “KitaJaga” application to compare the prices of grocery items sold nationwide.

The daily prices of items are listed according to locality on this app.