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Core Inflation Data Accelerates In November

COLOMBIA
  • The most concerning aspect of yesterday’s inflation release in Colombia was core inflation rising to 10.61% Y/y from 10.51% in October and 0.22ppts above the surveyed median estimate. While headline inflation declined to 10.15% Y/y, this was broadly in line with consensus expectations. The full set of data is here:
    • Colombia Nov. Consumer Prices Rise 0.47% M/m, Est. +0.46%
    • Colombia Nov. Consumer Prices Rise 10.15% Y/y, Est. +10.17%
    • Colombia Nov. Core CPI Rises 0.69% M/m, Est. +0.45%
    • Colombia Nov. Core CPI Rises 10.61% Y/y, Est. +10.39%
  • Core services inflation registered at a high 0.5%. This is a policy-relevant measure that excludes regulated services such as education and some transport services. The yoy figure remains above 9% on the back of sticky rent inflation as lease renewals continue to catch up to past-elevated inflation and will be of particular concern for the BanRep committee. All core and services inflation measures still track at levels substantially above the central bank’s target.
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