Colombia’s central bank governor cautioned against hasty interest rate reductions, which could necessitate future increases, amidst ongoing high inflation and potential price surges due to the El Nino phenomenon. Despite a recent modest rate cut to 12.75%, opinions within the board diverge on the extent of rate reductions. Current inflation stands at a two-year low of 8.4%, yet significantly exceeds the 3% target, with core inflation at 9.7%, underscoring persistent economic challenges.