The activity indicator was in Chile in line with weak growth in activity for 3Q14 but somewhat higher growth for 4Q14

Inflation in Colombia surprised to the upside and the overall index rose above the CB’s target range, while the core sub-index remained within the range (3.29% and 2.67%, respectively). The acceleration in core inflation in October was due to the increase in utility prices and transport rates rather than demand pressures. We continue to expect the CB to leave the MPR unchanged at the next meeting.

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