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MNI BRIEF: Japan's Sept Sentiment, Outlook Indexes Fall

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COLOMBIA: CPI Inflation Slows As Expected In September, Bonilla In Congress

COLOMBIA
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  • Data released overnight revealed that CPI inflation fell to 5.81% y/y in September, from 6.12% in August, broadly in line with the 5.83% consensus. At the same time, core CPI inflation moderated to 6.55% y/y, from 6.78%, close to the 6.54% consensus.
    • JP Morgan notes that food price pressures remained contained despite the early month strikes and road blockages, while energy inflation was below their expectations, as the increase in diesel prices was more than offset by electricity prices deflation. However, core services inflation accelerated on a sequential basis, rising to 5.9% ar. Despite this, they still expect BanRep to cut 75bp at the Oct 31 MPC meeting.
    • In contrast, BBVA believes that the stagnation of core inflation may delay the acceleration of rate cuts by BanRep. They think the data are unlikely to change the minds of the BanRep board members who have been worried about inflation and acted cautiously to normalise rates.
  • Today, Fitch Ratings will hold an event in Medellin with sovereign debt analyst Richard Francis from 1425BST(0925ET). Meanwhile, Finance Minister Bonilla will appear before Congress at 1600BST(1100ET) to discuss the tax bill aimed at financing the 2025 budget.
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  • Data released overnight revealed that CPI inflation fell to 5.81% y/y in September, from 6.12% in August, broadly in line with the 5.83% consensus. At the same time, core CPI inflation moderated to 6.55% y/y, from 6.78%, close to the 6.54% consensus.
    • JP Morgan notes that food price pressures remained contained despite the early month strikes and road blockages, while energy inflation was below their expectations, as the increase in diesel prices was more than offset by electricity prices deflation. However, core services inflation accelerated on a sequential basis, rising to 5.9% ar. Despite this, they still expect BanRep to cut 75bp at the Oct 31 MPC meeting.
    • In contrast, BBVA believes that the stagnation of core inflation may delay the acceleration of rate cuts by BanRep. They think the data are unlikely to change the minds of the BanRep board members who have been worried about inflation and acted cautiously to normalise rates.
  • Today, Fitch Ratings will hold an event in Medellin with sovereign debt analyst Richard Francis from 1425BST(0925ET). Meanwhile, Finance Minister Bonilla will appear before Congress at 1600BST(1100ET) to discuss the tax bill aimed at financing the 2025 budget.