Inflation Accelerates To 6.94% In Jan, Five-Year High

Inflation Accelerates To 6.94% In Jan, Five-Year High

• *Colombia Jan. consumer prices rise 1.67% m/m; est. +1.14%
• *Colombia Jan. consumer prices rise 6.94% y/y; est. +6.39%
• *Colombia Jan. core CPI rises 4.47% y/y
• Goldman Sachs on the data: A clear sign of inflation dissemination is that all CPI groups resisted positive monthly variations in January, and seven of the twelve group registered monthly readings above 1% (the education category remained constant in January as it is typically updated in February, August and September). Furthermore, nine of the twelve CPI groups now register annual readings above the 4% upper limit of the central bank’s inflation target (from six in December).
• JPMorgan also note: “Headline CPI inflation will now finish 2022 at 4.9%oya, up from our forecast of 4.6% before. We continue to see inflation remaining at or above the 4% ceiling of the target in 2023.”