This study aims to analyze the impact of macroeconomics on inflation in Indonesia post COVID-19, with the exchange rate as an intervening variable. The research adopts a quantitative approach, using positivistic methods and secondary data sourced from Bank Indonesia (BI) and the Central Bureau of Statistics (BPS). The population includes post COVID-19 macroeconomic data, with a sample of 48 monthly data points from January 1, 2020, to December 30, 2023. Statistical analysis yielded the following results: the money supply does not affect the exchange rate (p = 0.222), interest rates significantly affect the exchange rate (p = 0.000), the exchange rate does not affect inflation (p = 0.186), the money supply significantly affects inflation (p = 0.000), and interest rates do not affect inflation (p = 0.330). Furthermore, neither the money supply nor interest rates affect inflation when the exchange rate is used as an intervening variable (p = 0.425 and p = 0.298, respectively). These findings suggest that while interest rates significantly influence exchange rates, the exchange rate's role as an intervening variable in the relationship between macroeconomics and inflation remains limited.

Keywords: Macroeconomics, Inflation, Exchange Rate, Money Supply, Interest Rates, COVID-19