Headline inflation in Colombia fell to 5.1% YoY in March while ex-food and regulated items saw a decline to 4.8%, the lowest since March 2022 (see our chart pack for more details). While incremental the progress on inflation is beneficial, the direction of BanRep policy will likely be heavily impacted by an uncertain external environment as well as influenced by the recent recomposition of board members.
For more, including market takeaways, please see full note.