Bancolombia says the impact of the minimum wage hike has not yet been reflected in inflation

TL;DR

Annual inflation increased to 5.35% in January, driven by a 1.18% monthly variation.
70% of inflation was concentrated in services and regulated components.
Inflation is expected to exceed 6% for the year.
The full impact of the minimum wage increase has not yet been reflected, suggesting higher pressures in February and March.
Bancolombia estimates year-end inflation at 6.4% and expects continued upward pressures due to high indexation and economic dynamism.
The central bank may need to further increase its monetary policy interest rate, potentially up to 11%, to control inflation.

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