Petro reiterates call to SIC to investigate excessive price hikes

President Gustavo Petro urged the Superintendencia de Industria y Comercio to probe unjustified increases in goods and services tied to the recent vital salary hike. In a televised Council of Ministers, he criticized practices exploiting the 23.7% salary rise to inflate costs in areas like education and building management.

During a televised Council of Ministers, President Gustavo Petro discussed the country's fiscal situation and the effects of the 23.7% vital salary increase. He stressed the importance of providing Colombians with clear information on prices and renewed his appeal to the Superintendencia de Industria y Comercio (SIC) to investigate excessive hikes in goods and services.

Petro noted that certain sectors are using the salary rise to justify undue increases, labeling it as opportunism. "A vital salary is now in effect and there's a whole fuss about prices going up," the president stated, calling for sanctions against those responsible. "The superintendent of Commerce must take note," he added.

He cited the education sector, where private school tuition rises by 23%, yet psychologists' pay increases by only 5%. "Every public or private school must have a psychology service... free. [...] They're stealing money from parents; it's that simple," he said. Similar issues arise in building management firms and other areas.

The president upheld the salary boost as key to ensuring decent living standards. "Vital salary means just that: being able to buy enough for life," he explained, linking it to the Social State of Law principle. He warned that overturning the decree would signal disregard for wages that support a dignified existence.

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President Gustavo Petro signs minimum wage decree amid supportive protests in Plaza Bolívar, Bogotá.
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Petro signs new decree maintaining $2 million minimum wage amid protests

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Following the Council of State's suspension of the 2026 minimum wage decree, President Gustavo Petro signed a new measure on February 19 from Plaza Bolívar in Bogotá, keeping the wage at $2 million (including transport subsidy) despite the ruling. The signing came amid protests defending the 23%+ increase, as the government pushes for a 'vital wage' by 2027.

President Gustavo Petro announced that, alongside the Superintendencia de Industria y Comercio (SIC), they will investigate any company irrationally raising prices to customers at the start of the new year. The initiative aims to safeguard consumer rights and foster fair market conditions. Citizens can report unjustified hikes directly to the SIC.

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President Gustavo Petro warned construction firms against deceptive housing pricing practices and requested probes by the Superintendence of Surveillance. He accused some companies of scamming customers by indexing prices to the minimum wage, despite drops in material costs. He also urged withholding subsidies from irregular firms.

President Gustavo Petro explained on his X account that economic reactivation funds will not come from the national budget, but from new taxes. This comes amid Decree 0150 of 2026, declaring an economic, social, and ecological emergency in eight northern Colombian departments due to the climate crisis.

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Colombia's Finance Minister Germán Ávila defended the Economic and Social Emergency, stating that without it the state couldn't meet fundamental obligations. He assured that the measures won't affect the family basket or vulnerable sectors. Funds will go toward health, security, and key subsidies.

President Gustavo Petro announced the end of private road concessions as his government's primary budget-saving measure, shifting management to the state to potentially reduce tolls. This follows the recent confirmation of a 5.30% toll increase starting January 2026 tied to inflation.

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Following stalled talks where unions demanded a 16% rise and businesses warned of economic risks, President Gustavo Petro decreed on December 30 a 23% increase in Colombia's 2026 minimum wage, to 1,750,905 pesos plus 24.5% higher transportation aid of 249,095 pesos, totaling 2 million pesos monthly. The hike benefits 2.4 million formal workers and aims for an ILO 'vital wage,' but prompts debate on inflation, SME impacts, and competitiveness.

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