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COLOMBIA: Feb CPI, Lower House Approves Health Reform, Petro's Approval Dips

COLOMBIA
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  • Headline CPI inflation is expected to moderate to 5.16% y/y in February, from 5.22% previously, keeping the annual measure well above the ceiling of BanRep’s 2-4% target range amid a large minimum wage increase (2300GMT/1800ET). At the same time, core inflation is seen moderating to 5.26%, from 5.39%, which would be the lowest since February 2022. As elsewhere in the region, food inflation is set to pick up, offset in Colombia by a moderation in regulated price inflation and softening of services inflation.
    • Feb. CPI YoY, est. 5.16%, prior 5.22%
    • Feb. CPI MoM est. 1.01%, prior 0.94%
  • Meanwhile, the Lower House approved the government’s health reform yesterday, according to a post on X by President Petro. The reform seeks to increase the role of the public sector in the provision of health-care services. The bill now goes to the Senate, where it needs to pass two more rounds of votes.
  • In other news, Trade Minister Luis Carlos Reyes became the latest minister to leave the Cabinet, after President Petro accepted his resignation yesterday. The news comes as Petro’s approval rating fell to a new low of 33% in February, down from 35% the previous month, according to LatAm Pulse, a survey conducted by AtlasIntel for Bloomberg News. 64% also disapprove of his leadership, up from 55% in January, amid unrest in parts of the country and Cabinet infighting which has prompted a raft of resignations.
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  • Headline CPI inflation is expected to moderate to 5.16% y/y in February, from 5.22% previously, keeping the annual measure well above the ceiling of BanRep’s 2-4% target range amid a large minimum wage increase (2300GMT/1800ET). At the same time, core inflation is seen moderating to 5.26%, from 5.39%, which would be the lowest since February 2022. As elsewhere in the region, food inflation is set to pick up, offset in Colombia by a moderation in regulated price inflation and softening of services inflation.
    • Feb. CPI YoY, est. 5.16%, prior 5.22%
    • Feb. CPI MoM est. 1.01%, prior 0.94%
  • Meanwhile, the Lower House approved the government’s health reform yesterday, according to a post on X by President Petro. The reform seeks to increase the role of the public sector in the provision of health-care services. The bill now goes to the Senate, where it needs to pass two more rounds of votes.
  • In other news, Trade Minister Luis Carlos Reyes became the latest minister to leave the Cabinet, after President Petro accepted his resignation yesterday. The news comes as Petro’s approval rating fell to a new low of 33% in February, down from 35% the previous month, according to LatAm Pulse, a survey conducted by AtlasIntel for Bloomberg News. 64% also disapprove of his leadership, up from 55% in January, amid unrest in parts of the country and Cabinet infighting which has prompted a raft of resignations.