*Colombia’s central bank (Banrep) has lowered the country’s benchmark interest rate by 25 basis points to 13%. In a statement explaining the decision, Banrep noted that annual inflation stood at 10.15% in November, which whilst significantly above the target rate of 3%, continued the downward trend seen over the previous eight months. Analysts consulted by Banrep predicted that inflation would continue to fall in 2024, forecasting that year-end inflation will be 5.7%. Banrep also noted a slowdown which caused economic activity to drop by 0.4% in October year-on-year, leading the bank to lower its growth forecast for 2023 to 1%, down from its previous forecast of 1.2%.
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