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BanRep Note Minimum Wage Increase Above Expectation & El Niño Risks

COLOMBIA
  • BanRep statement (Spanish only): https://www.banrep.gov.co/es/noticias/jdbr-decidio...
    • "The Board emphasizes that, with the reduction in inflation already observed and with the decision adopted today, the economy continues in the necessary adjustment process so that inflation converges to the target no later than the first half of 2025. Likewise, it reiterates that future decisions will depend on the new information available."
    • "The increase in the minimum wage for 2024 was above what was expected, which influences the price path projected by the technical team, especially in the basket of services. Added to this are the risks derived from the El Niño phenomenon and the adjustment in the prices of regulated products."
  • COLOMBIA KEY RATE SEEN AROUND 8% BY YEAR END: BONILLA (BBG)

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