Keywords
Money Supply
Jakarta Composite Index
Inflation
How to Cite
Abstract
This research thoroughly analyzes how much influence monetary variables such as the BI Rate (Central Bank Interest
Rate), Money Supply (JUB), and the Jakarta Composite Index (IHSG) have on the inflation rate in Indonesia. The data
utilized is time series data spanning 2019-2024, collected from official sources including the Central Statistics Agency
(BPS), Bank Indonesia (BI), and Investing.com. The issue of inflation is a persistent macroeconomic challenge, where
price increases potentially trigger uncertainty. The multiple linear regression analysis was performed using statistical
tests conducted with the SPSS software version 27. Test results indicate that the three variables collectively play a
significant role in inflation fluctuations. When examined partially, only the Interest Rate and the IHSG were proven to
have a tangible effect. The Interest Rate demonstrates a negative and significant influence, suggesting that raising
the interest rate is an effective policy instrument for curbing aggregate demand. Conversely, the IHSG has a positive
and significant impact, which is supported by the principle of the wealth effect encouraging greater consumption. The
Money Supply is insignificant, because a larger portion of public funds is channeled into monetary instruments rather
than flowing into real transactions. Based on the data and testing performed, this finding provides crucial confirmation
regarding the role of IHSG as a key factor driving inflation. The three independent variables are capable of explaining
19% of the inflation fluctuation.
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