Colombia’s Central Bank co-director, Taboada, stated that the bank plans to continue reducing interest rates but emphasized the need for solid evidence that the disinflation process is progressing adequately. Taboada expressed concern about the 12% increase in the minimum wage, which exceeded expectations and could pose a challenge as ‘60% of goods and services are linked to some kind of indexation’. Officials expect inflation will align with the bank’s 3% target by mid-2025.