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Villar calls it a paradox: a deficit that should sink a currency lifted the peso, and low-skilled wages rose more than 50% in dollars.

Grupo Cibest sees 2027 growth anywhere from 0.9% to 3.9% as El Niño, a 7.9% deficit and a 12% policy rate test the rebound.

Services contributed 57% of August's price rise as minimum-wage indexation spread, Bancolombia's economists say.

Colombian President Gustavo Petro's decreed 23% raise in the country's minimum wage may now be rescinded for failing to follow laws mandating limits for such measures.

"An excessive minimum salary increase is a threat on two fronts. It will impact inflation as suppliers face higher costs and also further push that domestic demand."

The Colombian government announced an increase in the minimum wage for 2025.

More Mayor McMeat, Hidroituango, Colombia's Minimum Wage, Mangos & Potatoes, Peru's Problem with Petro

Petro confirmed a salary increase of16% and an increase in the transport subsidy of 20%.

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

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.