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Monetary Policy Report, Security Risk Halts Petro Visit

COLOMBIA
  • Colombian central bank economists are seeing risks of more persistent inflation leading them to forecast 7.1% for the end of 2022 and 4.8% for the end of 2023, according to the bank’s quarterly monetary policy report. {NSN RBA36RT0AFB4 <GO>}
  • Link to full pdf is here: https://repositorio.banrep.gov.co/bitstream/handle/20.500.12134/10301/IPM_ABR%202022_MAYO2.pdf
    • Inflation would peak at 8.5% in 2Q, followed by an increase in food prices through mid-year, leaving them high but stable for the rest of 2022.
    • “This macroeconomic scenario, characterized by high inflation, inflation forecasts and expectations above 3%, and an output gap close to zero implies a greater risk of de-anchoring inflation expectations and a very limited space for an expansionary monetary policy”
  • Separately, Colombian senator and leftist presidential candidate Gustavo Petro postponed electoral campaign stops in the country’s coffee-growing region planned for Tuesday and Wednesday due to a security risk.
    • Petro’s campaign says it hopes to reschedule the visits for a later time.
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