dc.audience	Policymakers	eng
dc.audience	Researchers	eng
dc.audience	Teachers	eng
dc.audience	Students	eng
dc.creator	Office of the Deputy Technical Governor
dc.creator	Office for Monetary Policy and Economic Information
dc.creator	Programming and Inflation Department
dc.creator	Inflation Section
dc.creator	Macroeconomic Programming Section
dc.creator	Forecasting Process Management Section
dc.creator	Macroeconomic Modeling Department
dc.creator	Forecasting Section
dc.creator	Models and Capacities Development Section
dc.date.accessioned	2025-09-23T13:27:32Z	spa
dc.date.available	2025-09-23T13:27:32Z	spa
dc.date.created	2025-09-19	spa
dc.description.abstract	In June, inflation decreased after several months of stability, but it remains significantly above the 3% target. Economic activity continues to show dynamism, driven by household consumption. Employment has also remained strong, and the unemployment rate is low. The uncertainty of the international context has reduced, but risks associated with trade and geopolitical conflicts remain. In this context, the Board of Directors maintains a cautious approach to monetary policy, consistent with the aim of guiding inflation toward the 3% target over the next two years and with supporting the gradual recovery of economic growth. Inflation increased more than the Bank anticipated during the second quarter of the year. However, with a cautious monetary policy and no significant increases in labor costs, prices are projected to rise at a slower pace, closer to the 3% target, in 2026 and 2027. - After remaining stable at 5.1% in previous months, inflation decreased in June to 4.8%. - The accumulated effects of monetary policy, the recent reduction in electricity tariffs, a lower exchange rate, and an increased food supply contributed to the reduction in inflation. - However, the reduction in inflation was less than anticipated three months ago due to higher-than-expected increases in food prices, service basket prices, and international prices of some goods. - With prudent monetary policy and no significant increases in labor costs, inflation is expected to continue decreasing gradually and reach the 3% target over the next two years. - However, some persistent risks could slow the reduction in inflation, including substantial increases in labor costs, significant increases in gas tariffs, and the future evolution of the exchange rate, all within a context of deteriorating local public finances and high international uncertainty. Economic activity continues to gain traction, driven by the strong increase in household consumption, good employment performance, and a lower expected impact of global trade and geopolitical conflicts. - In the first quarter of 2025, economic growth was 2.7%, stronger-than-expected (2.5%), mainly driven by household consumption. This momentum was partially offset by a weakened investment in construction and a decline in mining and oil activities. - The good performance of household consumption occurred in a context marked by robust remittance inflows, higher incomes from coffee activities, reduced household financial burdens, and a significant increase in the minimum wage. The strength of consumption was reflected in a significant increase in imports. - Employment has grown, especially in rural areas and self-employment. The unemployment rate remained at historically low levels. - The Colombian economy is expected to continue gaining dynamism, in a context of high prices for some exported products, such as coffee, strong foreign tourism, a gradual recovery of credit, and lower negative impacts from trade and geopolitical conflicts. The Board of Directors of Banco de la República (JDBR continues to adopt a cautious approach to monetary policy, consistent with the aim of guiding inflation toward the 3% target over the next two years and supporting a sustainable recovery in economic activity. - In June and July, the Board of Directors kept the monetary policy interest rate unchanged at 9.25%. - Although inflation has decreased, it is projected to fall more slowly than anticipated and face significant upward risks going forward. At the same time, economic growth is expected to continue consolidating gradually. - In this context, a cautious monetary policy is considered appropriate for inflation to continue decreasing and reach 3% over the next two years.	eng
dc.format.extent	4 páginas : gráficas, tablas	spa
dc.format.mimetype	PDF	spa
dc.identifier.handle	https://hdl.handle.net/20.500.12134/11254	spa
dc.identifier.uri	https://repositorio.banrep.gov.co/handle/20.500.12134/11254	spa
dc.language.iso	eng	eng
dc.publisher	Banco de la República	spa
dc.relation.anxdoi	https://doi.org/10.32468/inf-pol-mont-eng.excel1.tr3-2025
dc.relation.anxdoi	https://doi.org/10.32468/inf-pol-mont-eng.box1.tr3-2025
dc.relation.anxshortdoi	https://doi.org/pzzq	spa
dc.relation.anxshortdoi	https://doi.org/p63b
dc.relation.doi	https://doi.org/10.32468/inf-pol-mont-eng.tr3-2025	spa
dc.relation.ispartof	Reportes, Boletines e Informes	spa
dc.relation.ispartofseries	Informe de Política Monetaria	spa
dc.relation.isversionof	Monetary Policy Report - July 2025	eng
dc.relation.portal	https://www.banrep.gov.co/en/publications-research/monetary-policy-report/july-2025	eng
dc.relation.shortdoi	https://doi.org/pzzp
dc.rights.Habeas	Datos personales: El(los) autor(es) ha(n) incluido sus datos personales (nombres, correo electrónico, cargo, entre otros) en el Reporte, informe o boletín y por consiguiente, manifiesta(n) que mediante el diligenciamiento y registro de sus datos personales autoriza(n) al Banco de la República el tratamiento (recolección, almacenamiento, uso, circulación o supresión) de todos los datos suministrados con la finalidad de adelantar la publicación del documento en el Repositorio Institucional, dar a conocer su medio de contacto para fines académicos y divulgativos, así como para la construcción de indicadores y estadísticas para el seguimiento y control de las actividades de divulgación del Portal del Banco de la República. Para tal fin, se informa que el tratamiento de los datos personales se realizará de acuerdo con las políticas o lineamientos generales disponibles en http://www.banrep.gov.co/proteccion-datos-personales, en la sección “Protección de Datos Personales - Habeas Data”.	spa
dc.rights.Objeto	Objeto de publicación: La obra de mí (nuestra) autoría tiene por objeto ser publicada en el Portal del Banco de la República e incluirla en el Repositorio Institucional de esa misma entidad. La obra podrá consistir en documento escrito, audiovisual, audio, gráfico, fotográfico, infográfico, podcasts, etc., y podrá estar en cualquier formato conocido o por conocerse.	spa
dc.rights.accessRights	Open Access	eng
dc.rights.cc	Atribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0	spa
dc.rights.spa	Acceso abierto	spa
dc.rights.uri	https://creativecommons.org/licenses/by-nc-sa/4.0/	eng
dc.subject	Bancos centrales	spa
dc.subject	Crecimiento económico	spa
dc.subject	Alimentos	spa
dc.subject	Precios	spa
dc.subject	Colombia	spa
dc.subject.brtema	5. Precios, inflación y política monetaria	spa
dc.subject.jel	E30 - Prices, Business Fluctuations, and Cycles: General	eng
dc.subject.jel	E31 - Price Level; Inflation; Deflation	eng
dc.subject.jel	E39 - Prices, Business Fluctuations, and Cycles: Other	eng
dc.subject.jelspa	E30 - Precios, fluctuaciones y ciclos económicos: Generalidades	spa
dc.subject.jelspa	E31 - Nivel de precios; Inflación; Deflación	spa
dc.subject.jelspa	E39 - Precios, fluctuaciones y ciclos económicos: Otros	spa
dc.subject.keyword	Central banks	eng
dc.subject.keyword	Economic growth	eng
dc.subject.keyword	Foods	eng
dc.subject.keyword	Prices	eng
dc.subject.keyword	Colombia	eng
dc.title	Monetary Policy Report - July 2025	eng
dc.type	Report	eng
dc.type.hasversion	Published Version	eng
dc.type.spa	Informe	spa

Monetary Policy Report - July 2025

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