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Headline CPI Rises To 13.25% In January, Slightly Below Median Estimate

COLOMBIA
  • January inflation data in Colombia came in slightly below expectations, but still increased to 13.25% Y/y from 13.12% in December, and represents the highest level for the metric since 1999.
  • The increase was led by transportation costs, restaurant and hotels, and food prices. Core inflation, a measure that excludes the most volatile items of the consumer basket, advanced 10.43% from the same month a year earlier. Full data rundown here:
    • Consumer prices rose 1.78% m/m (estimate +1.87%)
    • Consumer prices rose 13.25% y/y (estimate +13.33%)
    • Core consumer prices rose 1.61% m/m (prior +0.91%)
    • Core consumer prices rose 10.43% y/y (prior +9.99%)
  • Latest BanRep forecasts show inflation will slow to 8.7% by year end, and to 3.5% by the end of next year. The next meeting & decision on rates will be on March 31. There are no other major data releases scheduled this week.
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