Publications

Monthly inflation in January stood at 1.18%, broadly in line with analysts’ expectations (1.16%) and BBVA Research’s forecast (1.21%). As a result, annual inflation rose to 5.35%, representing an increase of 25 basis points compared to December 2025 and marking the beginning of the inflationary process we expect for 2026.

The national unemployment rate stood at 8.9% in 2025, down from 10.2% in 2024, marking the lowest level on record since data have been available. This outcome occurred in a context where the labor force expanded (2.0%), while employment grew at an even faster pace (3.4%).

Monthly inflation in December came in at 0.27%, slightly below analysts’ expectations (0.35%). As a result, annual inflation fell to 5.10%, down 20 bps from November, marking two consecutive monthly declines.

The national unemployment rate stood at 7.0% in November 2025, the lowest level for a November since 2001. In seasonally adjusted terms, the rate was 8.3%, marking a change from the stability around 9.0% observed in previous months. Employment growth remained at 4.2%.

The Colombian electricity system stands out for its renewable matrix, high coverage, and regional resilience. Demand is growing steadily and supply is gradually advancing, in a context where diversification of sources and thermal backup will be key to maintaining reliability.

This presentation analyzes the recent evolution of monetary policy in Latin America and three of its main challenges: its interaction with fiscal policy, the increase in natural interest rates, and the impact of increased uncertainty on economic policies.

November inflation was 0.07% monthly and declined to 5.3% annual, its first drop after four consecutive monthly increases. The fall was driven mainly by food and some services, while regulated prices continued to put upward pressure via water and fuel tariffs.