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Colombia industrial production -7.21% y-o-y in Jul-23

- Colombia's industrial production experienced a significant decline of 7.21% year-on-year in July 2023, the lowest growth rate since August 2020.
- Retail sales in Colombia fell by 8.18% year-on-year in July 2023, slightly below the consensus forecast.

Colombia CPI inflation 11.79% y-o-y (consensus 11.6) in Jul-23

- Colombia's CPI inflation stood at 11.79% year-on-year in July 2023, slightly exceeding the consensus forecast of 11.6%.
- This represents the lowest growth since September 2022 and indicates a marginal decline from the previous month's inflation rate of 12.13%.

Colombia CPI inflation 11.43% y-o-y in Aug-23

- Colombia's CPI inflation rate in August 2023 was 11.43%, showing a slight decrease from the previous month's rate of 11.79%.
- However, the current inflation rate remains significantly higher than historical averages, indicating persistent inflationary pressures in the country.

Banco de la Republica Colombia: Jul-23

• The unsurprising decision to maintain the monetary policy interest rate at 13.25% was driven by factors such as high inflation, slowing economic activity, resilient labor market, and robust financial sector health.
• While there's an ongoing deceleration in inflation, the rigidity of core inflation poses significant challenges, and along with a slowdown in economic activity, these factors are likely to guide future interest rate decisions.
• The resiliency of the financial sector, along with a strengthening Colombian peso, have acted as stabilizing influences, contributing to the decision to keep interest rates unchanged. Future decisions will depend on the evolution of these indicators.