May 24, 2024

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Colombia inflation unlikely to meet up with focus on in 2021 -finance minister

FILE Photograph: Colombia’s Finance Minister Alberto Carrasquilla Barrera speaks for the duration of the Fourth Colombian Company Congress in Medellin, Colombia August 15, 2019. REUTERS/David Estrada

BOGOTA (Reuters) – Colombia’s consumer costs increases are unlikely to satisfy the central bank’s extended-phrase 3% goal following year, Finance Minister Alberto Carrasquilla mentioned on Friday.

A extensive coronavirus lockdown before this 12 months and involved organization closures and career losses have stored purchaser demand from customers weak in the Andean country, with analysts consistently around-estimating inflation will increase.

Twelve-month price development was 1.49% in November, while analysts experienced anticipated 1.7%.

“Unfortunately I do not imagine we can meet up with the central bank’s concentrate on, which is 3%,” Carrasquilla said at a digital business enterprise celebration. “We will only step by step return to the concentrate on.”

In a June revision of its fiscal targets, the federal government had projected inflation of 3% for 2021.

The central lender took advantage of small inflation to gradually slash 250 foundation details from the benchmark desire amount, right before keeping borrowing fees at a historic low of 1.75%.

Reporting by Carlos Vargas Producing by Julia Symmes Cobb Enhancing by Tom Brown