Headline consumer inflation was more substantial than expected in December, rising to 1.87% year on year from 1.75% in November, bringing it close to Bank Indonesia's 2-4% target range. Investors fear that stronger domestic growth (the GDP growth expectation for 2022 is now at 5.2%), inflation, and a more aggressive Fed, could pressure BI into an early interest-rate rise to defend the rupiah. Omicron casts a shadow on cross-border travel