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May Consumer Price Inflation, Unions March In Support Of President

COLOMBIA
  • The key data release today is May CPI where the headline rate is expected to fall to 12.60% from 12.82% in April. Many analysts believe BanRep has come to an end of its hiking cycle, and although the central bank governor, Leonardo Villar, has acknowledged the turning point for inflation, he has said that BanRep cannot yet assure the tightening cycle is over. Data is due after the close at 000BST/1900ET:
    • May CPI Y/y, est. 12.60%, prior 12.82%; M/m, est. 0.65%, prior 0.78%
    • For reference, the next BanRep decision is due on June 30.
  • Separately, Colombian labour unions and leftist groups hit the streets to show support for President Gustavo Petro’s legislative agenda amid a political crisis. Petro took to twitter to call on his supporters to protest on June 7 in favour of his welfare reforms.
    • “For health, pensions, labor stability. Against impunity. To the streets,” Petro wrote.
    • Amid the most recent political turmoil, the “U” Party called on the government to delay its flagship legislation for the next congressional session. The current one ends June 20.
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