Colombia’s central bank projects that inflation will decelerate to 5.5% by the end of 2024 and continue to approach the 3% target by 2025, a slight improvement from the 5.9% inflation expectation set earlier in the year. Factors contributing to the moderated inflation include the strength of the peso, reduced demand, and fuel price stabilization, although increases in utility and transportation fees, potential currency depreciation, and weather-related food price fluctuations pose risks to the inflation outlook.