The decision was based on the following considerations:

• Headline inflation rose in March from 8.01% to 8.53%, while inflation excluding food and regulated items increased from 4.11% to 4.51%. 
• Expected inflation for 2022 is around 7%, converging to the 3% target on longer time horizons. Expected inflation at year-end 2023 is 4% and forward 24 months is 3.7%. 
• Economic activity continues to suggest significant dynamism in the Colombian economy. The technical staff has revised its growth forecast for 2022 upward from 4.7% to 5.0% and maintained its 2023 growth projection at 2.9%. 
• The prospect of an accelerated increase to U.S. interest rates and the impact on international prices of Russia's invasion of Ukraine could lead to additional inflationary pressures. 
• With this decision, the board has maintained a gradual but steady process of monetary policy adjustment with the goal of ensuring a progressive return to the 3% annual inflation target.