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Colombia Inflation Spikes Above Upper Bound Of Target Range

COLOMBIA
  • Colombia Aug. Consumer Prices Rose 0.45% M/m, Est. +0.20%
  • Colombia Aug. Consumer Prices Rose 4.44% Y/y, Est. +4.20%
  • The figures represent the first breach of the upper target bound for the first time since 2017.
  • The Colombian Central Bank's next meeting is September 30 where many analysts are expecting policy rate lift off. BanRep board member Roberto Steiner said that expectations for core inflation are a key metric in deciding when to tighten policy. Excluding food prices, the index rose 0.32% in August from the previous month and 3.11% from a year ago.
  • For reference, Alberto Carrasquilla will join Colombia's central bank board just four months after nationwide protests over a failed attempt to raise taxes forced him to resign as finance minister.
  • He was chosen by President Ivan Duque to replace co-director Carolina Soto, who resigned after her husband confirmed he will run in next year's presidential elections.
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