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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Indonesia raises key interest rate AFP - Saturday, February 5 Send IM Story Print Indonesia raises key interest rate JAKARTA (AFP) - – Indonesia's central bank raised its benchmark interest rate by 25 basis points to 6.75 percent on Friday, in a bid to head off inflation which has dented investor confidence, an official said. Bank Indonesia said its board had decided to increase its benchmark overnight rate from 6.50 percent on concerns that rising food prices could stoke inflation further. In a statement the bank said Southeast Asia's biggest economy was expected to grow at around 6.0 to 6.5 percent this year. "The decision was made as a precaution to control expectations of inflation that has started to increase," the bank said on its website. "The prospects for the global economy are improving.... This tendency has strengthened the board of governors' belief that Indonesia's economy could reach 6.0-6.5 percent growth in 2011." The consumer price index rose 7.02 percent year-on-year in January, more than market expectations of 6.81 percent and causing jitters on financial markets. Extreme weather has disrupted harvests and food distribution, pushing last year's annual inflation close to seven percent, above the official target of 4.0-6.0 percent. Prices of chillies, a staple in Indonesia, increased five-fold to around 100,000 rupiahs ($11) a kilogram (2.2 pounds) late last year. The government last month suspended import duties on wheat, soybeans, fertiliser and other food-related items for the rest of the year. The interest rate rise was the central bank's first rate adjustment since August 2009 and the first rise since 2008. HSBC economist Wellian Wiranto said the move came "not a moment too soon". "With inflation risks tilting towards the upside for months now, todays decision is a prudent one. Going forward, we see at least two more 25 basis point rate hikes in the coming months," he said in an email. "All in all, today forms a good chapter in BIs credibility-building history book." Indonesia now joins other Asian countries such as China, India, Malaysia, South Korea and Thailand that have already tightened monetary policy in response to inflation fuelled by soaring prices of food and oil. With world food prices reaching their highest level ever in January, according to the UN food agency, IMF chief Dominique Strauss-Kahn warned Tuesday Asia faces the risk of overheating and "devastating" food inflation. "There are risks of overheating and even a hard landing," Strauss-Kahn said in a public lecture in Singapore, referring to challenges the region faced. "Food prices are rising too... with potentially devastating consequences for low income countries." But Bank Indonesia said it expects local price pressures to ease in the coming months for seasonal reasons. Danamon bank economist Helmi Arman said the 25 basis point rise should be seen as a bid to "anchor expectations and prevent any dramatic capital outflow" or exchange rate depreciation triggered by inflation. "It should not be taken as a prelude for aggressive rate hikes down the road, meaning it is reasonable to still expect only 50 bps in total hikes this year," he said. 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