LatinNews Daily - 03 May 2022

In brief: Colombia raises interest rates

*Colombia's central bank (Banrep) has raised the benchmark interest rate by 100 basis points to 6% in its sixth consecutive hike. The announcement came as monthly inflation in March stood at 1.0% while year-on-year inflation reached 8.53%. This was its highest level since July 2016, driven in part by the impact of Russia’s war in Ukraine and almost triple the 3% Banrep target. Banrep expects inflation to close at 7.1% this year before falling to 4.8% in 2023.

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