Colombia central bank panel raises 2024 inflation forecast to 5.7% By Reuters

BOGOTA (Reuters) – Colombia's central bank's technical team revised its forecast for inflation this year to 5.7 percent, from 5.5 percent previously, it said in a quarterly report published on Friday.

The new forecast is still above the central bank's long-term inflation target of 3%.

By 2025, the technical team expects inflation to be close to 3%. The panel's views are taken into account by the bank's board of directors in its monetary policy decisions.

“For the rest of the period from 2024 to 2025, economic activity levels may continue to stabilize, in the context of gradually easing external financial conditions and less restrictive monetary policy,” the report said.

Colombia's 12-month inflation at the end of June was 7.18%.