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COLOMBIA: August Inflation Below Estimates, Petro Renews Call for Bolder Easing

COLOMBIA
  • Colombia inflation surprised to the downside late Friday, with a notable unchanged reading for the monthly headline print. Core inflation also dipped below surveyed median estimates and should provide more welcome news to the BanRep committee, who are due to meet on September 30. A full rundown of the data is here:
    • Aug. Consumer prices 0.0% m/m (Est. +0.20%)
    • Aug. Consumer prices rose 6.12% y/y (est. +6.36%) vs +6.86% in July
    • Aug. Core CPI rose 0.16% m/m (est. +0.23%) vs +0.2% in July
    • Aug. Core CPI rose 6.78% y/y (est. +6.86%) vs +7.24% in July
  • Jumping the gun before the official release by the National statistics agency, President Petro was quick to comment on the data via social media platform X, highlighting the zero monthly reading. Petro said “there is no longer any excuse for not lowering the interest rate and reactivating the economy.” This week’s light domestic calendar is highlighted by the latest central bank survey of economists.

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