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

While the president is away at the COP27 summit, inflation hit a 23 year high, which will no doubt affect the coming minimum wage increase.

Last week ended with the Central Bank increasing rates from 10-11%, fully as expected but FinMin Ocampo was part of a unanimous vote of 7-0 despite public comments suggesting rate increases wouldn’t slow supply side inflation. His reply was that he wanted to help the...

Perhaps the biggest concern is the perception of mixed messages between President Petro and Finance Minister Ocampo.

On Friday we also had the Central Bank's latest survey for October, and everything continues to trend upwards versus September.

A Colombian government delegation was in Washington this week meeting with IMF, World Bank and US officials.

The Peso closed Friday at $4622 close to record lows after Thursday President Petro made mention of taxing "hot money."

This is inflation week and September CPI is expected to be 0.78% (slowing slightly from 1.02% in August) with the 12m rate rising to 11.29%.

It has, thus far, been a week of general weakness in the equity market and a Peso that has been led around by the nose, by global events.

Emerging market central banks may have acted faster than those of the developed world, but it doesn't mean they have done enough.