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Colombia CPI Inflation 0.25% m-o-m (consensus 0.35) in Oct-23

- Colombia's CPI inflation edged up by 0.25% on a month-on-month basis in October 2023, 0.1pp under the consensus estimate.
- This growth represents the slowest rate of inflation since October 2021 and lags behind the one-year average inflation rate by 0.58 percentage points.

Colombia Policy Interest Rate 13.25% in Oct-23

• The Banco de la República Colombia's choice to maintain its interest rate at 13.25%, despite a vote split where five directors supported the decision and two pushed for a 25 basis point cut, shows its apprehensions over the persistently elevated inflation level.
• The board accentuates the negative implications of enduring inflation, particularly its erosive effects on household incomes, especially for lower-income families, and its potential to stymie economic growth and employment in the longer horizon.
• While external uncertainties, primarily from international financial markets, add to the policy conundrum, future decisions by the board hinge on emerging data, emphasizing a cautious approach geared towards achieving the 3% inflation target and fostering sustainable economic activity.

Colombia Unemployment Rate 9.25% (consensus 9.3%) in Sep-23

- The unemployment rate in Colombia for September 2023 was 9.25%, broadly in line with the previous month.
- The current unemployment rate is 1.02 percentage points below the one-year average and 2.69 percentage points lower than the long-run average.

Colombia CPI Inflation 0.54% m-o-m (consensus 0.5%) in Sep-23

- Colombia's CPI inflation in September 2023 grew by 0.54% m-o-m, the slowest pace since July 2023, but aligned with consensus expectations.
- This inflation rate is 0.33 pp below the one-year average, indicating an easing of recent inflationary trends.