19/01/2013 (Live Trading News) - Indonesia’s on-month inflation will likely stay below 1% in January thanks to lower cooking oil prices, an official with the official statistics agency said Friday.

“Crude Palm Oil supply is abundant,” deputy chairman of the Central Statistics Agency Sasmito Hadi told reporters. Crude palm oil is the basic material for cooking oil.

Prices of goods and services rose 0.54% in December from a month earlier.

Finance Minister Martowardojo said late Thursday the monthly inflation this month may increase from the rate in December due to floods in the Greater Jakarta area, which started as early as Sunday evening in some parts of the capital city.

Business activities were significantly reduced Thursday as many workers could not reach their places of work after floods spread to Jakarta’s main business districts.