*Colombia’s central bank (Banrep) has lowered its benchmark interest rate by 50 basis points to 12.25%. In a statement explaining the decision, Banrep noted that annual inflation stood at 7.7% in February, signifying a fall of 1.5 percentage points over the first two months of 2024. Analysts surveyed by Banrep have lowered their 2024 inflation forecast to 4.7%, down from the previous (December) forecast of 5.7%. Banrep’s technical team forecast a higher year-end inflation rate of 5.4%, which was down from its previous forecast of 5.9%, and predicted that inflation would enter the target range of 3% +/-1 in mid-2025.
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