Inflation in Colombia decelerated for the second consecutive month, reaching 12.36% in May 2023, down from 12.82% in the prior month and under the market prediction of 12.60%. This rate is the lowest since October of the previous year, with food prices showing the least growth in 18 months. Consumer prices increased by 0.43% MoM in May, marking the lowest monthly gain in 19 months, following a 0.78% rise in April.