Indonesian consumer optimism at record high in Oct

[JAKARTA] Consumer optimism was at record high in October in Indonesia despite weakening economic activity, a Bank Indonesia survey showed on Tuesday.

The consumer confidence index was 120.6, the highest reading ever, and compared to a previous reading of 119.8 in September. A reading above 100 indicates that consumers are optimistic.

Expectations were higher for the next six months due to more job opportunities on infrastructure projects and an improvement in economic conditions.

The survey also said that the consumers expected prices to moderate once seasonal demand for Christmas and the New Year subsided.

However, consumers expected price pressures to be high in the next six months due to concerns over expectations that the e government will raise regulated fuel prices.

REUTERS