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Colombia CPI Inflation 0.45% m-o-m (consensus 0.6%) in Dec-23

- Colombia's CPI inflation increased by 0.45% m-o-m in December 2023, falling slightly short of the consensus forecast of 0.6%.
- This growth rate is only marginally less than in November and much higher than in October 2023. Pricing trends currently appear stable around this level in Colombia.

Colombia Policy Interest Rate 13% (consensus 13%) in Dec-23

• The Banco de la República Colombia's interest rate cut by 25 bps to 13.00% aligned with the economic consensus, reflecting the Board's response to the sustained decline in inflation and a commitment to support economic activity amidst a backdrop of mixed inflation expectations.
• External improvements, including a stronger currency and reduced sovereign risk, coupled with the Board's caution against wage-induced inflationary pressures, demonstrate a strategic approach to balance growth with inflation targeting.
• Future monetary policy adjustments will remain contingent on incoming data, with the overarching objective of bringing inflation closer to the 3% target while monitoring global financial developments and domestic economic indicators.

Colombia Unemployment Rate 9.23% (consensus 9.0%) in Oct-23

- The unemployment rate in Colombia for October 2023 reduced slightly to 9.23%, disappointing the consensus for a fall to 9.0%.

Colombia GDP Growth -0.3% y-o-y (consensus 0.5%) in Q3-23

- Colombia's GDP growth in Q3-23 was -0.3% year-on-year, indicating a surprising decline from the previous quarter.
- The growth rate stood below both the one-year and long-run averages, suggesting a slowdown in the economy compared to historical trends.