Colombia Rate Hike Likely: Barclays

Colombia’s central bank could deliver a 25bp rate hike at its next meeting due to the need to fight inflation according to Barclays,. “Further tightening beyond that point cannot be discarded,” the shop adds. CPI for May brought a significant upside surprise, with consumer prices increasing 0.93% mom, Barclays says. The YoY inflation rate was 6.4%, well above the central bank’s 3.5%-4.5% target. The board will meet again June 27.