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Headline Inflation Dips, Core Reading Remains Stubbornly High

  • Inflation in Colombia declined more than expected as food price pressures eased and the domestic currency surge curbed import costs. The June data confirmed that the inflation rate peaked earlier this year and is slowly decelerating. Persistent pressure on core inflation, which moderately rose from the prior read, should prompt BanRep to maintain a cautious tone.
    • CPI rose 0.30% m/m (estimate +0.40%) in June versus +0.43% in May
    • CPI rose 12.13% y/y (estimate +12.25%) versus +12.36% in May
    • Core CPI rose 11.62% y/y versus +11.59% in May
    • Core CPI rose 0.5% m/m versus +0.75% in May

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