MNI BRIEF: BanRep Reiterates 3% Inflation Target For 2025
MNI (BRASILIA) - The Central Bank of Colombia reiterated its 3% inflation target on Friday, reducing the timeframe to 12 months for 2025. The board also confirmed a tolerance range of 1% up and down.
"Monetary policy actions, which have helped reduce inflation, will continue to be aimed at bringing inflation to the 3% target and guiding economic activity onto a sustainable path over time," BanRep said in a statement. "The JDBR (board) estimates that inflation will continue to decline and converge to 3% by the end of 2025, with an uncertainty range of +/- 1%," it added.
By law, the board must confirm or adjust the inflation target and timeframe every November. Last year, BanRep maintained its 3% target but extended the timeframe by six months to 18 months. This year, they returned to the traditional 12-month horizon, as MNI anticipated earlier this month. (See MNI POLICY: BanRep Likely To Keep 3% Target, Shorten Horizon)