Indonesia's president signs decree to cap staple food prices: spokesman

[JAKARTA] Indonesia's president has signed a decree that allows the government to cap prices of staple foods, cement and other basic goods during peak demand periods, a presidential spokesman said as the Muslim fasting month of Ramadan began on Thursday.

"This regulation gives the authority to the government to set special prices ahead of, on, or after religious holidays or during periods of prices volatility," Teten Masduki, presidential spokesman told reporters.

President Joko Widodo, who has also limited the rise in domestic petrol prices, is looking at ways to stimulate the flagging economy which is at its weakest since 2009.

REUTERS