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  • Sticky services inflation and high indexation leave Colombia far from target, despite modest relief in Q4.
  • A 23% minimum-wage increase threatens to entrench inflation persistence and delay long-term convergence.
  • BanRep faces pressure to tighten aggressively as expectations rise and LatAm peers’ prices stabilise.

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Keywords for: 14 January 2026 LatAm Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence