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Colombia Needs To Think In Gradual Rate Increases Soon: Villar

COLOMBIA

Villar also comments that faster inflation expected to reverse in 2022.

  • For reference – Colombia are due to release their July Consumer Price Inflation data tonight around 2000ET.
    • Inflation is estimated to rise to 3.76% in July from 3.63% in June, further pressuring the 3.0% +/- 1 percentage point target. Higher non-core inflation, due to increasing energy prices and base effects, should account for most of the advance.
    • According to Bloomberg, excl food prices and government-regulated tariffs, inflation may increase to 1.94% from 1.88%. Accumulated peso depreciation and the year-on-year comparison likely drove most of that increase.
  • As a reminder BanRep minutes showed the majority saw the need for more data.
  • In particular, it would be "prudent to wait for second-quarter GDP figures prior to making any decision to raise rates."
  • The next GDP data is due on August 17 and will also be in focus for markets.
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