Annual inflation slowed to 11.43% in August, the statistics agency said Thursday, above the forecast of all 22 analysts surveyed by Bloomberg. That’s the more than double the pace of the inflation in Brazil, Mexico, Peru and Chile.
The inflation report is a blow for Colombia’s finance minister, Ricardo Bonilla. In a rare joint statement this week, Bonilla and the biggest banking and industrial lobbies called for interest rate cuts as soon as possible to boost flagging economic growth. “The slower pace of inflation convergence led us to change our previous call,” Jalil said in a written reply to questions. “We now see the central bank starting rate cuts in December instead of October.”
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