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In contrast to the year 2021 that ended with inflation of 5.62%, in 2022, historically high annual inflation was recorded for Colombia of 13.12%, that is, 7.5 points higher than the previous year, a peak level that had not been registered since 1999, 23 years ago. The...

Inflation seeks to be the highest in Colombia since 1999 based on DANE statistics.

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.

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

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.

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.

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

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%.

Some of this may finally be starting to filter through to both the stock market and Peso - both have outperformed the region over recent sessions.