Colombia’s inflation rate slowed for the third consecutive month to 12.13% YoY in June, down from 12.36% in May, mainly due to the slowest rise in food prices in 19 months. Finance minister Bonilla anticipates continued easing of inflation for the rest of the year, with food prices expected to decline further, reaching around 9.5% by December. The government plans to continue raising gasoline prices and once aligned with international oil prices, will start increasing diesel prices. Colombia is also projected to report a larger-than-expected fiscal deficit in 2023-2024 due to significant debt payments.