Latin America makes bid to bring inflation down

Leaders from across Latin America and the Caribbean gathered virtually on Wednesday to discuss ways to tackle runaway prices and keep inflation down.

People across the region are struggling with the price of everyday goods and the challenges of making big purchases or getting credit given sky-high interest rates caused by efforts to cut inflation from central banks.

Inflation may be the most significant economic problem facing Latin America and the Caribbean, or LAC. Mexico ended 2022 with annual inflation at 7.8 percent, the highest level in two decades, and Colombia's inflation hit 13.2 percent, although it slowed in the first few months of this year.