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Colombia’s producer prices fell 1.98% year-on-year in January 2026, following 2.63% deflation in the previous month. Mining and quarrying was the only sector below the average, with prices down 21.26%. Manufacturing prices rose 0.87%, while agriculture, livestock and fishing increased 2.90%, both above the overall average. On a month-over-month basis, the PPI rose 1.51%.

Colombia PPI Remains in Deflation in January

The Mexican peso retreated past 17.40 per US dollar giving back part of its recent gains, as markets digested Banco de México’s decision to hold the policy rate at 7.00% and signal greater caution on future easing. Earlier support from carry demand weakened as Banxico acknowledged firmer inflation risks, revised its inflation path higher through 2026, and emphasised graduality, reinforcing expectations that real yield support will narrow only slowly rather than remain firmly anchored. While the central bank’s pause limited downside by discouraging near term rate cut bets, the peso remained vulnerable to external pressure as a firmer US dollar and elevated US yields continued to raise the opportunity cost of peso exposure. Domestically, evidence that growth remains modest despite a Q4 rebound and lingering trade related uncertainty capped upside, encouraging profit taking after January’s strong appreciation.

Mexican Peso Eases After Banxico

The Bank of Mexico left its benchmark interest rate unchanged at 7.00% in its February 5, 2026 meeting, pausing the easing cycle and keeping the rate at its lowest level since May 2022. This pause ends the recent sequence of rate reductions that began in March last year. Mexico’s economic activity expanded in Q4 2025 after the contraction recorded in Q3, although the Board warned that downside risks from trade tensions and global uncertainty persist. The decision to hold was taken unanimously by the Board, which judged a pause appropriate given the current inflation outlook and the need to assess the impact of policy changes. Headline inflation eased slightly to 3.77% in mid-January from 3.80% in November, while core inflation rose to 4.47% (from 4.43%), remaining stubbornly above 4%. Despite these near-term pressures, Banxico now projects inflation will converge to its 3% target in the second quarter of 2027.

Banxico Holds Rate at 7%

Brazil posted a USD 4.34 billion trade surplus in January 2026, up 85.8% year on year, largely driven by a sharp drop in imports. Purchases abroad fell 9.8% to USD 20.8 billion, led by a 30.2% plunge in extractive industry imports. Agricultural and livestock imports declined 28.7%, while those from the transformation industry fell 8.2%. Imports from Argentina (-13.6%), the US (-10.9%), China (-4.9%) and the EU (-11.5%) all decreased. Exports edged down 1% to USD 25.1 billion, with extractive sales falling 3.4% and transformation industry exports slipping 0.5%, partly offset by a 2.1% rise in agricultural shipments. Exports to Argentina (-24.5%), the US (-25.5%) and the EU (-6.2%) declined, while sales to China jumped 17.4%.

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