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Colombia
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Colombian inflation accelerated for the first time in 15 months in a setback for the government which wants faster interest rate cuts to revive economic growth, Bloomberg News reported. Consumer prices rose 7.18% in June from a year earlier, the statistics agency said Monday, from 7.16% in May. Prices roses 0.32% from a month earlier, slightly higher than the 0.30% median forecast of 25 analysts surveyed by Bloomberg. One measure of core inflation closely tracked by the central bank, which excludes volatile food prices, slowed to 7.64%% from a year earlier.
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Avianca Group plans to confidentially file for an initial public offering in the U.S., the holding company for the Colombian airline said on Monday, Reuters reported. The Bogota-based airline, with over 100 years of operation since 1919, is moving ahead with its listing more than two years after it emerged from bankruptcy. Avianca — which serves domestic markets of Colombia, Ecuador and Central America — was one of the major Latin American airlines that filed for bankruptcy during the pandemic, hurt by a downturn in travel demand.
Colombia is on track for its widest fiscal deficit since the Covid-19 pandemic as falling tax revenues leave a hole in the nation’s finances, Bloomberg News reported. The government said Friday it will target a 2024 deficit of 5.6% of gross domestic product this year, from a previous target of 5.3%. The peso and local currency bonds have dropped in recent days as nervous investors ditch the nation’s assets amid concerns over the ballooning fiscal deficit. The government will trim its 2024 budget by 20 trillion pesos ($5 billion), Finance Minister Ricardo Bonilla said.
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Millions of Colombians will need to pay two new fees on their pension savings according to latest draft of the pension bill sent to the Lower House on Friday, Bloomberg News reported. Lawmakers modified the bill to allow fund managers to charge a fee of as much as 2% on profits, while also retaining a controversial annual fee of up to 0.7% on assets under management. Currently, so-called obligatory pension funds charge a fee upfront, but nothing after that. Congress defied calls by President Gustavo Petro to push more savings automatically into the public system.
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Colombia’s central bank lowered its key interest rate by half a percentage point to 11.75%, defying calls from the government for a deeper cut to boost economic growth, Bloomberg News reported. Five of the seven-member board backed the decision, Governor Leonardo Villar told reporters in Bogota. One argued for a deeper reduction, of three quarters of a percentage point, while another called for a full percentage point cut.
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