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Economists Raise 2023 CPI Est. to 9.00% Vs. 8.83%

COLOMBIA
  • Colombia President Gustavo Petro will test his political support by presenting a labor reform bill that seeks to boost workers’ rights as part of his bid to overhaul the welfare state.
  • Colombia’s solidarity fund proposal, aimed at helping poor old people, incorporated in the pension reform draft has an estimated fiscal cost of 4 to 5 trillion pesos ($822 million to $1.03 billion), Finance Minister Jose Antonio Ocampo said in a video sent by his press office.
  • The central bank published its latest monthly survey of economists on Wednesday. Within the survey, economists are expecting a 25bp rate hike at the coming meeting on March 30.
    • 12-month inflation cut to 7.21% from 7.28%
    • 24-month inflation cut to 4.01% from 4.10%
    • 2023 year-end inflation raised to 9.00% from 8.83%
    • 2024 year-end inflation held at 5.00%
    • 2023 year-end exchange rate raised to 4750 from 4728.5 COP/USD

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