Headline inflation in Colombia rose to 5.2% YoY in April from 5.1% while ex-food and regulated items rose to 4.9% from 4.8% (see our chart pack for more details). The data highlight the difficulty faced by the central bank in dealing with inflation when there is a high degree of indexation and validate their cautious approach to the rate cutting cycle so far, even if the disinflation process should continue going forward.
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