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BanRep Raises 2023 Inflation Forecast to 9.5% in Latest Monetary Policy Report

COLOMBIA
  • On Tuesday, Colombia’s central bank published its April monetary policy report on its website. Link (Spanish only): https://repositorio.banrep.gov.co/bitstream/handle/20.500.12134/10621/informe-politica-monetaria-abril-2023.pdf
  • The report reiterated that Colombia’s inflation will start its convergence in the second quarter. The central bank now sees 2023-end inflation at 9.5% and 3.4% by end-2024. These estimates were revised from 8.7% and 3.5% respectively, according to the January MPR.
  • Core inflation rate would start to fall in Q3 to 8.9% by end-2023 and 3.9% by end-2024.
  • The central bank will release the minutes from the April meeting after the close on Wednesday, following the latest split vote 25bp rate increase to 13.25%.

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