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S&P highlighted Colombia’s “diminished policy flexibility” due to “weakened fiscal and external profiles” in its analysis following the move.

An increase over the past month in the recreation prices (up 0.68%) and housing prices (0.30%) helped to push up the overall consumer price index.

The bank left the door open for a future rate cut, saying that the interest rate is now "close to its neutral level, although there is uncertainty about that level."

The Colombian economy has done remarkably well over the last decade, consistently ranking among the fastest-growing countries in Latin America, but a comprehensive tax reform that promotes investment and diversifies the economy is now needed to put the country on a path toward...