LatinNews Daily - 1 August 2023

In brief: Colombia maintains interest rate

* Colombia’s central bank (Banrep) has maintained the benchmark interest rate at 13.25% for the second consecutive month amid persistently high inflation. Monthly inflation stood at 0.30% in June, bringing annual inflation to 12.13%. Whilst this was down from the monthly rate of 0.43% recorded in May, when annual inflation was 12.36%, the annual inflation rate remains far above Banrep’s 3% target. A Banrep statement explaining the decision to hold interest rates noted decreases in some food and transport costs, but also highlighted “risks ahead… that cannot be overlooked, such as the El Niño weather phenomenon, the anticipated increases in domestic fuel prices, and uncertainty surrounding the international economic state of affairs.”

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