# Colombia central bank board ups interest rate to 6% on inflation pressures | Financial Post

> Colombia's central bank raised its benchmark rate 100 basis points to 6% on Friday, the highest in nearly five years, with four board members backing that move and the rest favoring 150 basis points. Inflation was 8.53% in the 12 months to March, and the bank raised its growth forecast to 5%. The bank cited higher fertilizer costs from the Ukraine war as one inflation driver.

- Date: 2022-04-29 · published 2022-04-29T12:00:00.000Z
- Category: macro · region Colombia · magnitude low
- Page: https://feedsoft.ai/events/42121-colombia-central-bank-board-ups-interest-rate-to-6-on-inflation-pressures
- Commodities: [Colombian Peso (COP per USD)](https://feedsoft.ai/c/USDCOP.md), [Urea](https://feedsoft.ai/c/UREA.md)

## Why it matters

Higher domestic rates and inflation in Colombia raise the cost of credit for livestock and feed operators, and higher fertilizer costs point to pressure on local grain and feed input prices.

## Read by commodity

- UREA: bullish ▲
- USDCOP: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| UREA | 2021-10-20 | [The Global Energy Crisis: Implications of Record High Natural Gas Prices - Center on Global Energy Policy at Columbia University SIPA \| CGEP](https://feedsoft.ai/events/44767-the-global-energy-crisis-implications-of-record-high-natural-gas-prices-center.md) | -2.0% | +9.0% |
| UREA | 2023-01-03 | [How Consumers and Businesses are Reacting to Food Price Inflation - Euromonitor.com](https://feedsoft.ai/events/12190-how-consumers-and-businesses-are-reacting-to-food-price-inflation-euromonitor.md) | -7.1% | -21.7% |
| UREA | 2021-08-27 | [Supply Lines Latest: Global Inflation Is Coming for Fertilizer - Bloomberg](https://feedsoft.ai/events/6007-supply-lines-latest-global-inflation-is-coming-for-fertilizer-bloomberg.md) | +10.6% | +24.4% |
| UREA | 2022-12-23 | [Dynamics and Implications of the Recent Rise in Wheat Prices \| Banque de France](https://feedsoft.ai/events/38284-dynamics-and-implications-of-the-recent-rise-in-wheat-prices-banque-de-france.md) | -1.0% | -11.7% |
| UREA | 2021-10-05 | [Gas price surges to a record high in Europe on supply concerns](https://feedsoft.ai/events/44766-gas-price-surges-to-a-record-high-in-europe-on-supply-concerns.md) | +6.2% | +11.5% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/colombia-central-bank-board-ups-interest-rate-to-6-on-inflation-pressures

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.