© . People work at a fruit and vegetable stall in Cali, Colombia Jan. 4, 2018. REUTERS/Jaime Saldarriaga BOGOTA () – Colombia’s inflation data in February came as a surprise to everyone, including central bank co-director Roberto Steiner, the official said Wednesday. , one of seven people on the board of the monetary authority. Colombia’s consumer prices rose 1.63% in February, bringing the 12-month inflation rate to 8.01%, well short of the central bank’s annual target of 3%. “The inflation rate… in February surprised almost everyone and it certainly surprised me,” Steiner said at a virtual conference. “It’s a figure that’s worse than we expected, and we expected a high figure.” The rise in inflation follows pressure from the international supply chain and the crisis caused by the Russian invasion of Ukraine, complemented by local repercussions, including protests in Colombia in 2021 and a 10% increase in the minimum wage. “The forecasts (for inflation) are rising, which is cause for concern,” Steiner said, adding that soaring oil prices “will have repercussions that are not beneficial for the Colombian economy.” Analysts are predicting that inflationary pressures from Colombia will prompt the central bank to throttle its benchmark rate hike, with forecasts pointing to a 125 basis point increase, taking yields from the current 4% to 5.25%. 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.