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April CPI Inflation Due At 0000BST / 1900ET

COLOMBIA
  • Finance Minister Bonilla said yesterday that the government is continuing to prepare a package of measures to promote economic growth, which will include a reduction in the corporate tax rate, currently at 35%. He also said the government would begin to apply a modified fiscal rule in 2025 instead of 2026 to open up some fiscal space next year. Meanwhile, he said that the government is receiving more revenue than expected from higher-than-forecasted oil and coffee prices this year.
  • Today, Bonilla will attend a political debate in the Senate about the coffee industry from 1500BST(1000ET). On the data front, CPI inflation is expected to ease to 7.16% y/y in April, from 7.36% previously. Core CPI inflation is projected to fall to 8.30%, from 8.76% (0000BST/1900ET).
    • April CPI YoY, est. 7.16%, prior 7.36%
    • April CPI MoM est. 0.59%, prior 0.70%
  • In other news, President Petro said that the government will pay the energy debt owed by households to private companies after the previous administration froze electricity bills during the covid pandemic. He added that the government won’t increase household energy prices to finance this.
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