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COLOMBIA: Finance Minister Bonilla Speaks, Truckers Strike Raises Inflation Risk

COLOMBIA
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  • The government made an urgent appeal yesterday to truckers blocking several highways to create safe corridors for food supplies, amid warnings of looming shortages in several cities. Local media have reported that fruit and vegetable prices have increased by more than 40% in large cities as tuckers strike following the recent 20% m/m hike in diesel prices. IBR swap rates underperformed yesterday, with yields rising slightly, despite the rally in USTs, amidst concerns the strikes will disrupt the disinflation process.
  • Today, Finance Minister Bonilla is scheduled to speak at a business event in Medellin at 1400BST(0900ET). No macro data are due, with attention on August CPI figures expected tomorrow. Analysts see headline inflation falling to 6.36% y/y, from 6.86%, while core inflation is expected to fall below 7%.
  • In other news, Ecopetrol’s pipeline unit Cenit reported another attack to its Caño Limon-Coveñas oil pipeline in a statement on Wednesday. The company had already put in place an emergency plan on Tuesday following a previous attack. Pipelines in the area have now suffered 15 attacks since the end of August, according to reports.
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  • The government made an urgent appeal yesterday to truckers blocking several highways to create safe corridors for food supplies, amid warnings of looming shortages in several cities. Local media have reported that fruit and vegetable prices have increased by more than 40% in large cities as tuckers strike following the recent 20% m/m hike in diesel prices. IBR swap rates underperformed yesterday, with yields rising slightly, despite the rally in USTs, amidst concerns the strikes will disrupt the disinflation process.
  • Today, Finance Minister Bonilla is scheduled to speak at a business event in Medellin at 1400BST(0900ET). No macro data are due, with attention on August CPI figures expected tomorrow. Analysts see headline inflation falling to 6.36% y/y, from 6.86%, while core inflation is expected to fall below 7%.
  • In other news, Ecopetrol’s pipeline unit Cenit reported another attack to its Caño Limon-Coveñas oil pipeline in a statement on Wednesday. The company had already put in place an emergency plan on Tuesday following a previous attack. Pipelines in the area have now suffered 15 attacks since the end of August, according to reports.