Jurnal Manajemen, Akuntansi dan Rumpun Ilmu Ekonomi (MAR-Ekonomi)
Vol. 4 No. 04 (2026): Jurnal Manajemen, Akuntansi dan Rumpun Ilmu Ekonomi (MAR-Ekonomi), inpres 2026

The Influence of Inflation, Interest Rates, and Exchange Rates on Stock Prices of Consumer Goods Sector Companies Listed on the Indonesia Stock Exchange During 2020–2024

Natalia Putri Simamora (Faculty of Economics and Business, Universitas Prima Indonesia, Indonesia)
Dhinvel Harzialby (Faculty of Economics and Business, Universitas Prima Indonesia, Indonesia)
Marista Halimah Saragih (Faculty of Economics and Business, Universitas Prima Indonesia, Indonesia)
Ribka Sari Butar– Butar (PUI Finance, Fakultas Ekonomi dan Bisnis, Universitas Prima Indonesia, Indonesia)
Dita Eka Pratiwa (Universitas Negeri Medan, Indonesia)



Article Info

Publish Date
01 Jul 2026

Abstract

This study examines how inflation, interest rates, and exchange rates affect the stock prices of consumer goods companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. This research is important because macroeconomic factors can have a significant impact on stock price fluctuations, especially in the consumer goods industry, which is relatively stable but still vulnerable to economic changes. This study uses a descriptive-associative research design with a quantitative approach. Secondary data were obtained from the official websites of Statistics Indonesia, Bank Indonesia, and the Indonesia Stock Exchange (IDX). The data used in this study are time series data covering five years. The sample consists of five companies selected using a purposive sampling technique. The data were analyzed using multiple linear regression with SPSS software. The analysis includes classical assumption tests, t-test, F-test, and coefficient of determination. The results show that inflation, interest rates, and exchange rates have a positive and significant effect on stock prices. Simultaneously, these three variables also have a significant effect on stock prices. The adjusted R-Square value is 0.187, which means that inflation, interest rates, and exchange rates explain 18.7% of the variation in stock prices, while the remaining percentage is influenced by other factors outside this study.

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Journal Info

Abbrev

marekonomi

Publisher

Subject

Economics, Econometrics & Finance Library & Information Science

Description

Jurnal Manajemen, Akuntansi dan Rumpun Ilmu Ekonomi (MAR-Ekonomi) is a journal in the field of Management, Accounting and the Cluster of Economic Sciences with the scope of Development Economics, Accounting, Sharia Economics, Banking, Taxation, Commercial Insurance (Loss), Economic Education, ...