The value of bilateral commerce between China and Russia in the first eight months of this year increased by 31.4% to US$117.2 billion

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Last Updated on September 7, 2022 by Bitfinsider

On Wednesday (Aug. 7), Indonesia’s President Joko Widodo announced that he had requested the provincial governments utilize their budgets to control transportation expenses and offset the inflationary effects of the previous week’s fuel price increase.

President Widodo, also known as Jokowi, raised fuel subsidies by 30% on Saturday in response to pressure to rein in a soaring energy subsidy budget, setting off protests across the 270 million-person country.

Due to growing food costs, the August inflation rate of 4.69 percent was already close to a seven-year high and went above the central bank’s target for a third consecutive month.

The president did not address the escalating protests that have occurred since he made his declaration. By emphasizing that funds are being poured into state social programs to cushion the blow of growing inflation, his ministers have attempted to defuse tensions.

Jokowi urged the populace to band together to face the energy and food difficulties brought on by the conflict in Ukraine, which he said will continue to have an impact on supplies for some time to come.

Thousands of Indonesians participated in protests this week over the increase in petrol prices, but observers say Jokowi is in a solid position to weather the storm thanks to strong political support.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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