Indonesia will suspend a 5 percent duty on soybean imports until the year-end after makers of tofu and tempeh halted production to protest against surging costs spurred by the oilseed’s rally to a record.
Indonesian producers of tofu and tempeh, the soybean-based staples consumed by millions of Muslims during the Ramadan holy month, may stop production today after the U.S. drought sent bean prices to a record.
Indonesia’s inflation slowed for a third straight month in April as food prices declined during the harvest period, giving the central bank room to refrain from raising interest rates when policy makers meet May 12.
Indonesia’s consumer price index will likely fall about 0.1 percent to 0.2 percent in May from the previous month, Rusman Heriawan , chairman of the central statistics office, said ahead of an inflation report next week.
Indonesian President Susilo Bambang Yudhoyono has decided on at least five of the ministerial positions in his cabinet as he prepares to announce the full lineup tomorrow, the people who were chosen said.