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President Petro is in Davos this week, attending the World Economic Forum.

The Peso was badly hit during the holiday period dropping 4.87% to over 5,000 once again...

It has been a busy week for President Petro with visits to Santiago, Chile and Caracas, Venezuela.

CPI may yet go higher, obviously not to those seen on the streets of Caracas or Buenos Aires, but only Chile (13.3%) amongst the mainstream Latam economies has higher inflation.

The hope is that Colombia can start to resemble the sum of its parts which would allow the reduction of poverty and the flourishing of a country with incredible potential.

Ocampo added that inflation should have slowed in December & this will allow the central bank to cease the tightening cycle.

Even though Christmas is this coming weekend, the week ahead will feature a number of economic releases.

Looking back on the week several data points were published; none of which were particularly positive.

What we did see from the latest Fedesarrollo survey was the expectation that interest rates will rise to 12% by year end.

Ironically despite the stubborn inflation, the Central Bank at this Friday's meeting will not be increasing rates.