Avianca’s LifeMiles program is one of my favorites for premium cabin Star Alliance redemptions, given that they frequently sell miles at a discount. LifeMiles had an award chart devaluation back in 2014, though hasn’t made many major changes to their Star Alliance partner chart since.
Frankly I think they’re at the sweet spot right now, and don’t see them making another big devaluation anytime soon. Following the last devaluation a few years ago we saw that they increased the percent bonus they offered on purchased miles, which suggests to me that demand dropped greatly following the devaluation, causing them to increase the bonuses offered.
However, some occasional minor adjustments in certain regions aren’t surprising, presumably based on data they have of peoples’ redemption patterns.