Colombian central bank Co-Director Olga Lucia Acosta noted that excluding food prices and regulated items, Colombia’s inflation is expected to decrease in H2 2023. Despite inflation, particularly food prices, exceeding expectations, a decline is projected through 2023 and into 2024. High-interest rates are deemed essential for managing inflation and ensuring long-term growth. Boosted by domestic demand, Colombia’s GDP growth has surpassed predictions. Acosta acknowledged the painful but necessary fuel price increases.