Colombian top central banker Leonardo Villar noted that Latin America’s major economies are likely to keep monetary policy tight for a prolonged period after overshooting their inflation targets for years in a row. In Colombia’s case, the central bank will have missed its goals in 2021, 2022, and 2023, with price increases only cooling to the target range later in 2024. Colombia’s inflation rate rose to 13.25% YoY in January, its fastest pace since 1999, and is forecast to peak sometime this quarter. Meanwhile, Colombia’s consumer confidence fell to -28.6 in January from -22.3 in December.