(Bloomberg) -- Colombian inflation exceeded expectations in December, overshooting the central bank’s target range for a fourth straight year.

Consumer prices rose 5.2% in 2024, the statistics agency said Thursday. That was unchanged from November, and compares to a median forecast of 5.16% from 22 economists surveyed by Bloomberg.

Colombia targets inflation of 3%, plus or minus one percentage point. One measure of core inflation, which excludes volatile food prices, slowed to 5.65%. Prices rose 0.46% from the previous month.

The central bank unexpectedly slowed the pace of monetary easing last month, cutting the key interest rate by a quarter percentage point to 9.5%. The decision surprised analysts, who had expected a more aggressive cut.

Five of seven members of the monetary policy committee argued that tighter financial conditions and uncertainty regarding the government’s fiscal position require a cautious approach to monetary policy. Finance Minister Diego Guevara and one other board member advocated for a more aggressive cut.

Policymakers are also weighing the impact of the government’s 9.5% minimum wage increase this year, which will affect labor costs, as well as prices for some services, including health care.

The central bank is scheduled to hold its next monetary policy meeting on Jan. 31. That could be the last meeting for some board members, as the constitution permits President Gustavo Petro to replace two policymakers. The leftist leader and his finance chief have called for faster interest rate cuts to boost economic growth.