Indonesia annual inflation rate fell to a 12-month low of 4% in May, down from 4.33% in April and below market expectations of 4.22%, mainly driven by a slowdown in food prices. The inflation rate was within the central bank’s 2-4% target range for the first time since May 2022. Core inflation also fell to an 11-month low of 2.66% in May from 2.83% in April, defying forecasts of 2.8%. Monthly, consumer prices rose by a mere 0.09% in May, marking the smallest increase in six months.