Indonesia's March CPI up 6.65 pct y/y, below forecast

* March CPI -0.32 pct m/m, below forecast of -0.06 pct

* March CPI up 6.65 pct y/y, below forecast of 6.97 pct

* March core CPI up 4.45 pct y/y, below forecast of 4.50 pct

JAKARTA, April 1 (Reuters) - Indonesia's March consumer
price index from the country's statistics bureau.

KEY DATA:
CPI (y/y pct change) (m/m pct change)
March 6.65 March -0.32
Feb 6.84 Feb 0.13
Jan 7.02 Jan 0.89
Dec 6.96 Dec 0.92
Nov 6.33 Nov 0.60
Oct 5.67 Oct 0.06
Sept 5.80 Sept 0.44
Aug 6.44 Aug 0.76
July 6.22 July 1.57
June 5.05 June 0.97
May 4.16 May 0.29
April 3.91 April 0.15
March 3.43 March -0.14
Feb 3.81 Feb 0.30
Jan 3.72 Jan 0.84
Dec 2.78 Dec 0.33
Nov 2.41 Nov -0.03
Oct 2.57 Oct 0.19
Sept 2.83 Sept 1.05
Aug 2.75 Aug 0.56
July 2.71 July 0.45
June 3.65 June 0.11
May 6.04 May 0.04
April 7.31 April -0.31
March 7.92 March 0.22
Feb 8.60 Feb 0.21

CONTEXT:

- Analysts had expected Indonesia's annual inflation in
March to pick up to 6.97 percent because of a low base effect,
while core inflation was seen up at 4.50 percent as high
commodity prices have passed through to consumer prices,
according to 17 economists polled by Reuters.

- However, consumer prices were seen dropping 0.06 percent
from a month earlier after the start of the main rice harvest,
which will run until May, brought down food prices.
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- The Indonesian government's move to scrap import duties on
rice, wheat and soybeans, as well as the central bank's policy
to let the rupiah currency strengthen, has helped reduce
imported inflation.

- The government has also delayed a plan to limit the
consumption of subsidised fuels for private cars to temper
inflation, and Bank Indonesia governor Darmin Nasution has said
this gives the central bank room to achieve its 4 to 6 percent
inflation target this year.

- Indonesia's central bank will meet on April 12 to
determine its policy rate, after it held rates at 6.75 percent
last month following a surprise 25 basis points hike in February
aimed at calming nervous financial markets.

- Most analysts see Bank Indonesia holding rates when
meeting in April, on expectations the rice harvest may subdue
inflation in coming months and as a stronger rupiah will help
curb imported inflation, although most expect further hikes by
the end of the second quarter.

- Foreign investors have returned to buy a total of 10.5
trillion rupiah in Indonesian government bonds this month, after
a sell-off early this year on worries the central bank was
behind the curve in tackling inflation.

- Bank Indonesia has said it will adjust rates in stages as
it seeks to avoid greater capital inflows and spur loan growth
to support an economy seen growing by 6.4 percent this year.

LINKS:

- Indonesia's statistics bureau: .... www.bps.go.id

- CPI breakdown .................................

(Reporting by Aditya Suharmoko, Adriana Nina Kusuma and Rieka
Rahadiana; Editing by Neil Chatterjee)