This Sunday, Gustavo Petro will receive the presidency of Colombia with the economic situation complicated by several factors. In recent days, DANE published the report with inflation data for the month of June. According to the National Administrative Department of Statistics, prices increased 10.21% annually in July, the highest figure in the last 22 years.
On the upward trend, Diego Palencia, vice president of research at Solidus Capital Investment Banking, He indicated that it is due, in part, to political uncertainty. “Yesterday was the last Friday before the inauguration of the new Government. Political uncertainty, the result of multiple messages without technical support and without a credible plan, have created the greatest volatility in recent years and the loss of liquidity. The perfect storm is over the exchange rate channel that continues with unprecedented volatility.”
How is the oil?
The price of a barrel of oil in Colombia also rose in this month of August despite going constantly down after rumors of an economic recession due to the current global situation. The indicators establish that the WTI rose by US $0.27, while the Brent increased by US $0.72.
The producer group of OPEC (Organization of the Petroleum Exporting Countries) agreed this week to raise its oil production target by 100,000 barrels per day (bpd) for Septemberbut it is one of the smallest increases since the introduction of the quota in 1982, according to data provided by OPEC.
The increase in production is essential since the sanctions on Russian oil will come into force from next December. In addition, Europe will have to prepare for the winter wave, which suggests an increase in the use of raw material for heating systems, among others.