Colombia central bank has increased its benchmark interest rate by 25 bps to 13.0%. That follows a 75 bps increase in the previous meeting as inflation rose to over 13.0% in December. The easing of annual food inflation to 24.1% in February from a high of 27.8% in December suggests that the inflation rate has peaked and is likely to soften further in 2023. While policymakers noted that the decision is close to inducing convergence of inflation towards the 3.0% target in the medium term, they also stated that further decisions by the board would depend on new information.