DBS Group Holdings Ltd. and PT Mandiri Sekuritas said in research notes they expect Bank Indonesia to raise its deposit facility rate, or Fasbi, in 2013 after consumer prices gained 5.31 percent last month from a year earlier. That compares with the monetary authority's 3.5 percent to 5.5 percent target range.

"Pressure for Bank Indonesia to act is starting to rise," said Eugene Leow, an economist at DBS in Singapore. "Inflation is already near the upper end of its target range, so once it breaches the upper limit, we expect the central bank to move to hike rates."

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