The central bank raised interest rates to the highest level in five years at a surprise meeting on Tuesday, seeking to contain inflation a day after the government announced a controversial increase in fuel prices in Southeast Asia’s largest economy. The decision to raise subsidized fuel prices, which triggered riots in the past, marked President Joko Widodo’s most important move since taking office a month ago. It earned praise from economists as a promising signal of things to come, even as students protested and bus operators threatened to strike, potentially upsetting travel for millions of commuters in Jakarta alone. Indonesia heavily subsidizes fuel prices, making gasoline and diesel some of the cheapest in the region. But but the bill for doing so amid rapid economic growth and growing consumer demand in the net-oil-importing nation has ballooned in recent years. This year, Indonesia will spend about […]