The objective of this study was to evaluate the influence of inflation rate and other macroeconomic factor on the return of the Indonesian composite stock index. In the last three years, the world has been dealing with unexpected events such as the COVID pandemic and the Russia-Ukraine conflict, leading to notable increase in global inflation. Indonesia, however, has been able to keep inflation under control. Over the past decade, the country as experienced remarkable economic growth with an average GDP growth of 5%. This growth has also reduced the poverty rate to less than 10%, consequently, Indonesia was included in the G20 and was appointed as the chair of the G20 in 2022. To understand the relationship between the Indonesian composite stock index and several macroeconomics variables, we used Eugene Fama's efficient market hypothesis as the underlying theory.