Bank Indonesia hikes rates

Indonesia's central bank raised rates for the third time in a row as the fuel price hike and soaring food prices pushed inflation to above 11% in June.

The board of governors at the central bank voted on Thursday to raise the BI rate a quarter-point to 8.75%.

The move was third such rise in as many months after the central bank left rates unchanged in the four meetings to April this year.

"Bank Indonesia sees the need to raise the BI Rate to prevent knock-on effects from the fuel price hike and

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