Colombia’s central bank held its policy rate at 9.25% in June, with a divided vote: 4 for a hold, 2 for a 50 bps cut, and 1 for 25 bps. Inflation eased to 4.8% from 5.1% in May, led by declines in food and electricity prices. Core inflation remained at 4.8%. May’s economic activity rose 2.7% YoY, driven by services, while Q2 GDP is estimated to have grown 2.7% (annualized), fueled by a 4.1% rise in domestic demand. External conditions remain tight, and the Board reiterated a data-dependent approach amid lingering global trade and geopolitical risks.