dc.audience	Policymakers	eng
dc.audience	Researchers	eng
dc.audience	Students	eng
dc.audience	Teachers	eng
dc.creator	Office of the Deputy Technical Governor	eng
dc.creator	Office for Monetary Policy and Economic Information	eng
dc.creator	Inflation Section	eng
dc.creator	Macroeconomic Programming Section	eng
dc.creator	Advisors and Associate Researcher with the Programming and Inflation Department	eng
dc.creator	Macroeconomic Modeling Department	eng
dc.creator	Consultant and Researchers associated with the Macro-Economic Models Department	eng
dc.date.accessioned	2024-08-02T20:47:55Z	spa
dc.date.available	2024-08-02T20:47:55Z	spa
dc.date.created	2024-08-02	spa
dc.description.abstract	1.1 Macroeconomic Summary As anticipated, headline inflation during the second quarter remained stable at 7.2%, while core inflation (6.0% in June) continued to decline at a slightly faster pace than expected. The cumulative monetary policy effects and the unwinding of specific shocks that affected prices continue to assist in the convergence of inflation to the 3% target. In the second quarter, the increase in food prices was greater than expected due to a rebound in the perishable food basket, offset by a larger-than-foreseen decline in the year-to-year variation of other CPI baskets. This Report projects a higher annual increase in the food CPI versus the April yearend estimates due to recent supply shocks that are expected to gradually dissipate and to increases in international transportation costs, notwithstanding favorable weather conditions. Increases in the CPI for regulated items would continue to ameliorate, albeit at a more gradual pace, given higher-than-expected energy and transportation price adjustments. As foreseen in the previous Report, core inflation would continue to decline, falling to 5.0% by the end of the year. However, this forecast faces upside risks originating mainly from housing rents. Should these prospects materialize, noting that food and regulated items have a particularly high level of uncertainty, headline inflation for 2024 (5.7%) would surpass its April estimate (5.5%). As a result, the indexation of certain CPI groups to higher inflation could play a part in delaying the convergence of inflation to the target in 2025. Nevertheless, the collective effects of monetary policy, together with an output gap expected to fall in negative territory – more so than projected in the previous Report – along with modest exchange rate pressures, would assist in maintaining inflation’s downward trend, placing it at 3.0% by yearend 2025. These forecasts remain highly uncertain, mainly associated with the future behavior of the exchange rate, the degree of persistence of the supply shocks that affected food prices, and the outcomes of the provisions regarding adjustments in public services and transportation, among others.	eng
dc.format.extent	3 páginas : gráficas, tablas	spa
dc.format.mimetype	PDF	spa
dc.identifier.handle	https://hdl.handle.net/20.500.12134/10884	spa
dc.identifier.uri	https://repositorio.banrep.gov.co/handle/20.500.12134/10884	spa
dc.language.iso	eng	eng
dc.publisher	Banco de la República de Colombia	spa
dc.relation.anxdoi	https://doi.org/10.32468/inf-pol-mont-eng.tr3.anex1-2024	spa
dc.relation.anxshortdoi	https://doi.org/nbks	spa
dc.relation.doi	https://doi.org/10.32468/inf-pol-mont-eng.tr3-2024	spa
dc.relation.ispartof	Reportes, Boletines e Informes	spa
dc.relation.issn	2711-2128	spa
dc.relation.isversionof	Informe de Política Monetaria - July 2024	spa
dc.relation.shortdoi	https://doi.org/nbkt	spa
dc.rights.Habeas	Datos personales: El(los) autor(es) ha(n) incluido sus datos personales (nombres, correo electrónico, cargo, entre otros) en el Reporte, informe o boletín y por consiguiente, manifiesta(n) que mediante el diligenciamiento y registro de sus datos personales autoriza(n) al Banco de la República el tratamiento (recolección, almacenamiento, uso, circulación o supresión) de todos los datos suministrados con la finalidad de adelantar la publicación del documento en el Repositorio Institucional, dar a conocer su medio de contacto para fines académicos y divulgativos, así como para la construcción de indicadores y estadísticas para el seguimiento y control de las actividades de divulgación del Portal del Banco de la República. Para tal fin, se informa que el tratamiento de los datos personales se realizará de acuerdo con las políticas o lineamientos generales disponibles en http://www.banrep.gov.co/proteccion-datos-personales, en la sección “Protección de Datos Personales - Habeas Data”.	spa
dc.rights.Objeto	Objeto de publicación: La obra de mí (nuestra) autoría tiene por objeto ser publicada en el Portal del Banco de la República e incluirla en el Repositorio Institucional de esa misma entidad. La obra podrá consistir en documento escrito, audiovisual, audio, gráfico, fotográfico, infográfico, podcasts, etc., y podrá estar en cualquier formato conocido o por conocerse.	spa
dc.rights.accessRights	Open Access	eng
dc.rights.cc	Atribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0	spa
dc.rights.spa	Acceso abierto	spa
dc.rights.uri	https://creativecommons.org/licenses/by-nc-sa/4.0/	eng
dc.subject	Bancos centrales	spa
dc.subject	Crecimiento económico	spa
dc.subject	Alimentos	spa
dc.subject	Precios	spa
dc.subject	Colombia	spa
dc.subject.brtema	5. Precios, inflación y política monetaria	spa
dc.subject.jel	E31 - Price Level; Inflation; Deflation	eng
dc.subject.jel	E39 - Prices, Business Fluctuations, and Cycles: Other	eng
dc.subject.jel	E30 - Prices, Business Fluctuations, and Cycles: General	eng
dc.subject.jelspa	E31 - Nivel de precios; Inflación; Deflación	spa
dc.subject.jelspa	E39 - Precios, fluctuaciones y ciclos económicos: Otros	spa
dc.subject.jelspa	E30 - Precios, fluctuaciones y ciclos económicos: Generalidades	spa
dc.subject.keyword	Central banks	eng
dc.subject.keyword	Economic growth	eng
dc.subject.keyword	Foods	eng
dc.subject.keyword	Prices	eng
dc.subject.lemb	Banco de la República (Bogotá) -- 2024 -- Informes	spa
dc.subject.lemb	Inflación -- Colombia -- 2024 -- Informes	spa
dc.subject.lemb	Política monetaria -- Colombia -- 2024 -- Informes	spa
dc.subject.lemb	Balanza de pagos -- Colombia -- 2024 -- Informes	spa
dc.subject.lemb	Producto interno bruto -- Colombia -- 2024 -- Informes	spa
dc.title	Monetary Policy Report - July 2024	eng
dc.type	Report	eng
dc.type.hasversion	Published Version	eng
dc.type.spa	Informe	spa

Monetary Policy Report - July 2024

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