Inflation Analysis in Islamic Macroeconomic Perspective and Its Implications

Abstract

Inflation is a crucial indicator of macroeconomic stability because it directly impacts purchasing power, investment, production activities, and social welfare. High and uncontrolled inflation can lead to economic instability, currency depreciation, increased production costs, and weakened national economic growth. In conventional economic systems, inflation is generally understood as a monetary phenomenon caused by an increase in the money supply, an imbalance between aggregate demand and supply, and interest rate policies implemented by the central bank. However, Islamic economics views inflation not only from a monetary perspective, but also relates it to dimensions of economic morality, wealth distribution, real sector balance, and social justice. This study aims to analyze inflation from an Islamic macroeconomic perspective and examine its implications for Indonesia's economic stability. The study uses a qualitative descriptive approach with a literature review method through the use of scientific journals, academic books, and official data from Bank Indonesia and the Central Bureau of Statistics. The results show that Islamic economics offers a more comprehensive inflation control mechanism through the integration of Sharia-based monetary and fiscal policies, such as a profit-sharing system, zakat distribution, strengthening the real sector, and prohibiting speculative practices. This mechanism is considered capable of maintaining price stability, reducing economic inequality, and strengthening national economic resilience. This research contributes to the development of Islamic macroeconomic studies as an alternative to controlling inflation in modern economic systems.

Keywords: inflation, Islamic macroeconomics, economic stability, Islamic monetary policy, zakat