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Indonesia’s inflation rate rose in December to 5.51% year-on-year, according to Reuters

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© Reuters. FILE PHOTO: People cross a main road outside a shopping mall during afternoon rush hours in Jakarta, Indonesia, November 30, 2022. REUTERS/Willi Kurniawan

JAKARTA (Reuters) – Official data showed on Monday that inflation in Indonesia rose slightly in December and remained above the central bank’s target range for the seventh consecutive month.

The headline annual inflation rate rose to 5.51% in December, compared with 5.42% in November and the 5.39% expected by analysts polled by Reuters. Bank Indonesia’s inflation target range is 2% to 4%.

The annual core inflation rate, which excludes government-controlled prices and volatile food prices, rose to 3.36% from 3.30% in the previous month, while a Reuters poll expected a rate of 3.39%.

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UK house prices are falling for the fourth consecutive month

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UK house prices fell for the fourth consecutive month as rising borrowing costs hit household finances, according to data published on Friday.

Average home prices fell 1.5 percent between November and December, the mortgage company said Halifax. This decline is a slowdown from the 2.4 percent decline recorded between October and November.

The annual rate of home price growth slowed to 2 percent, down from 4.6 percent in the previous month.

typical Real estate prices in the UK to £281,272 in December, down from £285,425 in November.

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“Uncertainty about how the increased cost of living will affect household bills, along with higher interest rates, is causing an overall slowdown in the market,” said Kim Kinnaird, director of Halifax Mortgages.

Mortgage rates, which reflect expectations of medium-term borrowing costs, have risen in the past few months, following a series of interest rate hikes by Bank of England In an effort to tackle high inflation.

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Halifax by Reuters: UK house prices post their biggest quarterly decline since 2009

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© Reuters. FILE PHOTO: High-rise apartments under construction can be seen in the distance behind a row of apartment blocks in south London, Britain, August 6, 2021. REUTERS/Henry Nicholls

Data issued by the Halifax Mortgage Institution, Friday, showed that house prices in Britain fell again in December, capping the largest quarterly decline since the financial crisis more than 10 years ago.

Halifax said the median home price fell 1.5% month-on-month in December, after falling 2.4% in November, marking the fourth consecutive monthly decline.

On a quarterly basis, home prices fell 2.5% – the largest decline since the three months through February 2009.

“Uncertainty about the extent to which an increase in the cost of living will affect household bills, coupled with higher interest rates, is leading to an overall slowdown in the market,” said Halifax director Kim Kinnaird.

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Halifax expects house prices to fall 8% in 2023 – although Kinnaird indicated that this would only mean a return to levels last seen in April 2021.

Home prices soared during the COVID-19 pandemic as people rushed to buy larger homes with gardens, fueled by temporary tax incentives.

Halifax said the annual rate of house price growth fell to 2.0% from 4.6% in November, the lowest reading since October 2019.

“As we enter 2023, the housing market will continue to be affected by the broader economic environment, and with buyers and sellers remaining cautious, we expect a decline in both supply and demand in general,” Kinnaird said.

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First: McCarthy is fighting to be Speaker of the House until the fourth day

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good morning. This article is an in situ version of our site FirstFT the news. Subscribe to our site AsiaAnd Europe/Africa or The Americas A release to send straight to your inbox every weekday morning

The competition for the next speaker of the US House of Representatives is scheduled to enter the fourth day, after the deputies voted to postpone the procedures yesterday evening after Historic defeat on the eleventh ballot for Republican Kevin McCarthy Amidst a difficult impasse in Washington.

Despite recent trench attempts by McCarthy To quell dissent and secure the votes he needed to be elected president, 20 Republicans voted against him again and again, depriving him of the simple majority needed to win sledgehammer.

The ongoing stalemate has exposed long-simmering tensions in the Republican Party and raised questions about how lawmakers will be able to chart a path forward.

McCarthy resisted calls for him to step down in favor of another Republican, and Democrats objected to suggestions that they might support McCarthy or work with Republicans to choose another president.

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1. UK signs cancer trials agreement with BioNTech The UK government is partnering with German Covid-19 vaccine maker BioNTech to enroll up to 10,000 patients in clinical trials in order to Advanced cancer treatments. BioNTech said it would open a research and development center with 75 employees in Cambridge and an office in London, and may later consider investing in UK manufacturing.

2. Create Taiwan’s domestic satellite hero to resist China Taiwan is in talks with a number of domestic and international investors to help its space agency Establishing its own satellite communications provider. Inspired by Elon Musk’s Starlink role in the war in Ukraine, Taipei is stepping up efforts to fortify itself against a potential attack from China.

3. The “social tariff” required in Britain with high energy bills to bear Major energy suppliers and fuel poverty campaigners are urging UK ministers to engage in an ‘open and frank’ dialogue on how to do this. Addressing rising energy costs in the coming yearsespecially for the most vulnerable, as analysts warn that wholesale gas prices may not return to “normal” before 2030.

Line chart of pennies per heat showing average monthly wholesale gas prices during the winter

4. Low inflation is unlikely to deter the ECB from further rate hikes Inflation in the Eurozone probably fell to single digits for the first time in three months in December. However, it is also likely to be a ECB ‘will stick to its hawkish rhetoric’ Prices are rising in the near term, said Franzisca Palmas, chief economist for Europe at research group Capital Economics.

5. China’s new renminbi tactics keep traders guessing The Chinese currency fell by nearly 8 percent last year against the dollar, but Beijing has facilitated this decline by using tools such as the so-called “Invisible reserves” held by state banksinstead of its traditionally harsh intervention by the People’s Bank of China.

How good is it to keep up with the news this week? Take our test.

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next day

Putin’s 36-hour ceasefire is set to begin in Ukraine the Ceasefire ordered by Russian President Vladimir Putin Orthodox Christmas is set to begin, despite its refusal by Kyiv, which called it hypocrisy and a propaganda attempt.

Anniversary of the US Capitol attack US President Joe Biden will Giving remarks at the White House On the occasion of the second anniversary of the January 6 uprising. In a final report released at the end of the year, a congressional committee said former President Donald Trump is “central cause” From last year’s attack on the US Capitol. (The Hill, Financial Times)

Eurozone inflation figures In continental Europe, optimism is growing that inflation has peaked. Low inflation in the member states indicates that today’s expected figure at the eurozone level may fall less than expected by 9.7 percent. Read more in our Disrupt Times newsletter.

Returning to its regular January schedule, the World Economic Forum’s 2023 annual meeting will bring together global leaders in Switzerland next week. Join FT Live in Davos for in-person and digital events from 16th to 20th January. View events and register for free here.

What else do we read and watch

Moscow Diaries: Fear, Loathing, and Deep Denial While missiles rain down on Kyiv and villages in Russia’s hinterland, it has lost much of its adult male population to conscription, Putin’s war does not seem to have changed Moscow that much. “Nobody does any self-reflection. What’s the point? If you stop to stop and think about it, it just gets worse,” a Kremlin-linked businessman grumbles to Max Seddon, the Financial Times’ Moscow bureau chief.

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New Year's decorations of the Kremlin star bearing the letter Z at the entrance to Gorky Park
New Year’s decorations of the Kremlin star bearing the letter Z at the entrance to Gorky Park © Getty Images

Ruchir Sharma’s Investor’s Guide: From Peak Dollars to Better TV Ruchir Sharma points out that a sudden change in the price of money is a fundamental break with the past, but many business leaders do not act. As this stage progresses, big businessmen, companies, currencies and countries that thrived on easy money will stumble. Make room for new winnerswith a discriminatory provision shaping the trends of 2023.

🎥 Watch: How India can revolutionize women’s cricket The Indian Premier League has transformed cricket from a game struggling for a future into one of the most valuable sporting assets in the world. While the top men’s players have become millionaires, The female players struggled to make ends meet. The launch of a women’s league could change the game around the world.

Premium subscribers can get more sports business by Register on the scoreboard the news.

What happened to Google search? Google search was once one of the wonders of the internet. Writes Eileen Moore. “Clean, orderly results pages navigated the Internet’s unmanageable information load. That was until it was filled with ads.”

How a drug partnership led to a mutation in breast cancer Often medicine does not receive a warm welcome. When Daiichi Sankyo and AstraZeneca announce impressive breast cancer treatment results, Enhertu, Oncologists rose to their feet to applaud. “It was a shocking moment, sending chills down my spine,” said Susan Galbraith, who leads oncology research and development at AstraZeneca.

Take a break from the news

our Six movies to watch this week Including a pouting Tom Hanks in A man called OttoAntonio Banderas as a killer in a classic car port Christian Bale Meet Edgar Allan Poe In Pale blue eye.

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Tom Hanks and Mariana Trevino in A Man Called Otto
Tom Hanks and Mariana Treviño in A Man Called Otto © Niko Tavernise

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