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Colombia CPI inflation 12.37% y-o-y in May-23

- Colombia's CPI inflation in May 2023 stood at 12.37% year-on-year, representing a decrease from the previous rate of 12.82% and the lowest growth since October 2022.
- Despite being slightly above the one-year average, the current inflation rate remains significantly below the long-run average, indicative of relatively subdued inflationary pressures in the economy.

Banco de la Republica Colombia: Apr-23

• The Board of Banco de la República has increased the monetary policy rate to tackle inflation, with future decisions to be influenced by evolving macroeconomic conditions and financial stability considerations.
• Despite a slowing economy, persistently high inflation and expectations above the target have driven the bank's decision for a proactive policy response.
• Global monetary policy trends, the prospective narrowing of the current account deficit, and the robustness of Colombia's macroeconomic policy framework also weighed in the decision.