Colombia: Consumer confidence rises to an over two-year high but remains downbeat in October
Latest reading: The consumer confidence index rose to minus 3.7 in October, up notably from September’s minus 16.0. October’s result marked the strongest sentiment since August 2022. That said, the index remained below the 0-point threshold, indicating pessimism among consumers. Consumers became notably less pessimistic regarding both the country’s current and future economic situation.
Outlook: Improved sentiment at the outset of Q4 hints at recovering private spending. Moreover, inflation continued to recede through October, and this, paired with a recent decline in the unemployment rate, will likely support sentiment and households’ propensity to consume as 2024 draws to a close.