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The highlight of the week was clearly the 0.45% inflation print for December — which dragged the full-year figure or 2023 to 9.28%, below the 9.45% expected.

The sad reality is that the ruling elite have little-to-no interest in changing the status quo. In the end, it suits them just the way it is.

The move was so far overdue — and was so small — that it has been forgotten already. It is of course a welcome message, but isn't big enough to shock the economy into life.

Despite the new narrative, the peso is where it should be — and Colombia's currency is hardly ever touched by domestic events.

Banco de la República now surely have to cut rates by at least 25 basis points in a couple of weeks time.

PPI data for November came in with another healthy decline. Let's hope the CPI data is even close to as good.

In October, the monthly reading was 0.25%, which led to a year-over-year number of 10.48%. Now, the question is how far it will fall this month.

Lately, investors are looking for any good news in a sea of pessimism when it comes to the local capital markets.

The Finance Ministry met with transport companies and stated that, if there is no increase in the price of diesel, this will add another $2.6 billion USD to the FEPC by the end of 2024.

In Colombia, some things are sacrosanct — and the fiscal rule is one of them.