Colombian central bank increases rates to 11%
Food inflation and demand are stronger than in other Latin American countries, governor says
The Central Bank of Colombia’s board has continued its sharp tightening, raising rates by 100 basis points to 11% on October 28.
This is the second consecutive 100bp rate increase. In July the central bank increased rates by 150bp. It started increasing interest rates in September 2021, when the policy rate stood at just 1.75%.
Despite the tighter policy, in September, year-on-year headline inflation increased by 11.4%, up from 10.8% in August – well above the 3% target. The main factors
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