Colombia April Inflation Beat on Food and Energy

Colombia's April inflation hit 0.78%, beating consensus due to food and energy, though core services showed signs of slowing. Goldman Sachs expects this to support a rate hike resumption in June.

Key Takeaways

• 1.Colombia's April headline inflation reached 0.78%, exceeding the Bloomberg consensus of 0.74%, driven primarily by food and energy prices.
• 2.Core services and rent components showed signs of moderation, suggesting the peak for core services may be lower than initial projections.
• 3.Goldman Sachs maintains its year-end 2026 headline inflation forecast at 6.5%, with upside risks in non-core items.

Table of Contents

• BOTTOM LINE
• KEY NUMBERS (April)
• DETAILS
• Rising Headline Inflation After Sizable 23% Minimum Wage Hike; Core Dynamics Dominated by Ex-Rent Services
• Disclosure Appendix

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