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“In 2021, regardless that we had been nonetheless within the midst of COVID-19, we had been capable of undergo the troublesome time. Many of the financial exercise was declining, however we managed to get by it. Inflation was going properly. Farmers’ trade fee (NTP) has additionally elevated properly, ” Lutfi stated throughout a digital working assembly on Thursday.
Nonetheless, 2022 stands out as the reverse of 2021, he stated including, the meals worth index from the Meals and Agriculture Group of the United Nations (FAO) has elevated since February 2022.
“The index has elevated by 140.7 factors, or a rise of 20.7 p.c in comparison with final 12 months. And that is the best determine since 2011, when the financial supercycle additionally occurred, however the enhance (at the moment) was solely 137.6 factors,” he stated.
Which means that the buying and selling temperature is way larger than in 2011, the minister remarked.
Subsequently, he stated a number of indicators of a rise have gotten evident, for instance, the value of vegetable oil, which rose by 201.7 factors or by nearly 27 p.c originally of 2022 in comparison with the earlier 12 months.
Aside from that, the problem of climate disturbances, provide chain disruptions attributable to the pandemic, and most not too long ago, the battle between Russia and Ukraine nonetheless has the potential to pose a giant drawback sooner or later, Lutfi stated.
“That is a part of our problem in 2022,” he added.
Thus, with the continuing COVID-19 pandemic, coupled with the Russia-Ukrainian battle, the issues have turn out to be extra complicated, the minister stated.
Russia’s invasion of Ukraine has triggered financial sanctions from the USA and Europe, that are anticipated to finish commerce globalization, he added.
“Financial progress has fallen. US exports have fallen by minus 3 p.c, and Europe has dropped two factors, which causes this to turn out to be a direct hyperlink with Indonesia,” he emphasised.
For that reason, Lutfi stated, Indonesia is making an attempt to resolve home issues, particularly associated to commerce, which is related to international situations.
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