Colombia central bank Governor, Leonardo Villar, highlighted the persistent nature of the country’s inflation, which saw a decline in the annual rate only recently. Despite a decreasing trend in food prices that may alleviate headline inflation, non-food inflation remains stubborn. Villar also criticized the costly and unsustainable decision to freeze domestic food prices, which made the disinflationary process challenging and prolonged. He cited a still volatile Colombian peso and anticipates a modest 1% GDP growth in 2023 following a swift post-pandemic economic recovery.