Colombia publishes inflation data today
The Colombian government’s National Administrative Department of Statistics (DANE) will today publish inflation data for the month of February.
DANE is the administrative body in charge of analyzing and putting together the official statistics of Colombia. Such statistics provide critical data on national population, housing, and other areas. Bogota has long had a relatively high inflation rate when compared to its Latin American neighbors. While this is partly due to the lack of natural resources, the primary reason is widespread economic slack, which resulted in the Colombian peso depreciating against the US Dollar.
The inflation data will likely show a slight rise in consumer prices for the month of February due to low economic growth. With that being said, the inflation rate is still significantly lower than last year’s data. As a result, this will likely push the Central Bank to cut interest rate by between 50 to 75 basis points by the end of March. While the inflation rate is still far from the central bank’s ultimate goal of 3 percent, the continuing depreciation could possibly signal a promising economic outlook for Colombia during the short-to medium-term.
