The Central Bank of Colombia left its benchmark interest rate unchanged at 12.25% at its October 2026 meeting, in line with market expectations. The Board of Directors noted that annual inflation edged up to 6.3% in September, slightly below forecasts. Core inflation, meanwhile, declined from 6.1% in August to 6.0% in September. However, the El Niño weather phenomenon represents a significant upside risk to the outlook for food and regulated prices. Inflation expectations for December 2026 edged up to 6.9%. The Board also noted that Colombia’s annual economic growth is estimated to have slowed in the third quarter compared with the previous quarter. Domestic demand indicators point to weaker consumption growth in both the private and public sectors. The Board emphasized the importance of thoroughly reviewing the Economic Rescue Bill submitted to Congress, noting that the evolution of public finances is a key factor in future monetary policy decisions.