The board of the Colombian central bank unanimously approved a 150 basis point increase in the policy rate on June 30. The move, which brought the rate to 7.5%, is the largest rate increase in the institution’s history. The decision also brings the policy rate to its highest level since the beginning of 2017.

In its press statement, the central bank board cited continued high inflation. The headline reading fell slightly in May to 9.07%, from 9.23% in April. Core inflation, however, rose more