Mientras 2022 cerrará con una inflación del 12.7% and possibly growing between 8 and 8.5%, 2023 will be a complex year. On the one hand, the effects of the Banco de la Republica’s monetary policy are already cooling household consumption, which dropped 2.2% in the third quarter of 2022, which is similar to the drop seen in the last quarter of 1998 (2.4%), marking the beginning of the crisis at the end of the century. The growth forecast for 2023 is 2% with downward risks.