© . FILE PHOTO: General view of Colombia’s central bank in Bogota, Colombia, Oct. 9, 2019. REUTERS/Luisa Gonzalez By Nelson Bocanegra BOGOTA () – Colombia’s central bank will raise its benchmark interest rate with its highest rise in more than two decades when it will meet next week, analysts said in a poll on Friday, as it tries to contain mounting inflation. Thirteen of the 16 analysts estimate that the bank’s board will increase borrowing costs by 150 basis points to 5.50%, while two forecast an increase of 125 basis points and one forecast a rise of 100 points. If the seven policymakers follow the majority forecast, the increase would be the largest since November 1999. The market expects consumer price increases to continue rising, even well above the 8.01% 12-month figure reached in February. removed from the bank’s long-term goal. target percentage of 3%. “In this context, the central bank needs to make decisions… and continue to raise interest rates,” said Citibank economist Esteban Tamayo. “I expect it to increase by 150 basis points at next week’s meeting and there will be an increase of the same magnitude in April.” February’s inflation data came as a surprise to almost everyone, bank board member Roberto Steiner said early this month. According to the median forecast in the survey, analysts expect the board to push the rate to 7.50% by the end of the year, well above the 5.75% estimated in the previous poll. “Recent pressures from global and local inflation are forcing the central bank to be more proactive amid inflation that continues to rise,” said Wilson Tovar, chief economist at Acciones y Valores. “While growth must be protected, the damage of acting timidly is not only more dangerous to the economy, but also jeopardizes the bank’s credibility if it continues at a moderate pace,” Tovar said. Disclaimer: Fusion Media would like to remind you that the data on this website is not necessarily real-time or accurate. All CFDs (Stocks, Indices, Futures) and Forex prices are not provided by exchanges but rather by market makers, and therefore prices may not be accurate and may differ from the actual market price meaning prices are indicative and not suitable for trading purposes . Therefore, Fusion Media does not bear any responsibility for any trading losses that you may incur as a result of using this data. Fusion Media or anyone associated with Fusion Media accepts no liability for any loss or damage resulting from reliance on any information, including data, quotes, charts and buy/sell signals on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.