The price of the dollar in Colombia started the second week of the year below $3,900, as investors eagerly await the release of the 2023 inflation data by the National Administrative Department of Statistics (Dane) this afternoon.
The dollar saw an initial upward trend on Tuesday morning, January 9, in Colombia, according to the Colombian Stock Exchange.
Dane is set to announce the Consumer Price Index (CPI) data for December and the full year of 2023. The government and analysts are anticipating another month of decline, marking the ninth consecutive decline in inflation.
Experts predict that 2024 will be a year of economic adjustments, driven by the ongoing monetary policy dynamics. These adjustments are expected to stabilize both local and international economies.
In November, the inflation figure in Colombia was 10.15%, which factored into the 12% increase in the minimum wage. In the international context, inflation expectations among American consumers have slowed the rise of the dollar in Colombia. Meanwhile, financial operators are reinforcing their bets on a series of rate cuts from the Federal Reserve this year, according to a Reuters analysis.
The latest Survey of Consumer Expectations by the New York Fed revealed that U.S. consumers’ near-term inflation projection fell to the lowest level in almost three years in December.
The U.S. inflation report is expected to be released later this week, which will likely provide insight into the Federal Reserve’s potential rate cuts for the year.