In October, the inflation rate completed seven continuous months of decline. This is news that has the Minister of Finance, Ricardo Bonilla, optimistic, who made his projections from the XX National Infrastructure Congress of the Colombian Chamber of Infrastructure: the inflation rate would close 2023 at approximately 9.23%.
“We have had inflation falling for seven months, more than 300 points. October inflation ended at 10.48%. If it continues at this rate, we will reach single-digit inflation,” said Minister Bonilla, who insisted that the cost of living continues to fall in the country.
The minister once again asked the Bank of the Republic to open the door to lowering the interest rate, as he warned that “the time to start lowering interest rates is December 2023. In 2024, the inflation goal of the 3% of the Banco de República will not be achieved.”
Likewise, he said that we must find ways to control inflation so that it does not skyrocket at the beginning of 2024 when tolls rise: “We have to take care that inflation does not skyrocket. January 1st, there is an increase in tolls. Then, in July, another one comes. Tolls are a true resource to develop works.”
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Regarding the increases in the price of gasoline, the minister said that it is “practically closed” and that “two increases remain. Now comes the increase in diesel. We would only have a deficit in the Fuel Price Stabilization Fund due to diesel in 2024.”
On the other hand, he pointed out that Colombia runs the risk of entering a recession phase due to the poor performance of the economy in the third quarter of 2023, which decreased by 0.3%: “The third quarter was not at all flattering for the economy. We could be starting a recessive phase. For five months there has been a plan in place that we have to evaluate: there are resources to carry out civil works and housing.”
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