In October, consumer prices dropped 0.09% over the previous month, which was slightly less than the 0.13% fall observed in September but contrasted market expectations, which had seen prices rising 0.3%. The monthly drop reflected lower prices for food as well as for clothing, which more than offset higher prices for housing. Annual headline inflation remained unchanged at September's 2.3%. The core inflation index, which strips out more volatile items such as fresh food and fuel, added 0.10% in September, the latest month for which data are available. As a result, annual core inflation remained unchanged at August's 3.0%. Owing to the benign inflationary environment and the evidence of the strong economic recovery, the Central Bank left the reference interest rate unchanged at a historic low of 3.00% at its latest monetary policy meeting on 29 October. Policy makers maintained their stance that inflation will remain moderate in the coming months, thus permitting authorities to maintain an accommodative position in order to contribute to economic growth. The Central Bank has set a 2.0% 1.0 percentage points inflation target for 2010 and currently expects inflation to end the year at around 3.0%. The next monetary policy meeting is scheduled for 19 November.
Inflation remains stable in October
October 5, 2010
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Colombia Economic News
October 7, 2016
In what was a narrow and shocking result, Colombians rejected the peace agreement between the government and the FARC at the 2 October referendum.
September 30, 2016
In August, exports grew 7.0% over the same month last year, which sharply contrasted the 27.3% plunge recorded in July.
September 30, 2016
The seven-member board of the Central Bank (BanRep) unanimously decided to keep the reference interest rate unchanged at 7.75% at its 30 September monetary policy meeting.
September 16, 2016
Industrial production unexpectedly shrank 6.2% annually in July, which contrasted the 6.7% increase seen in June.
September 5, 2016
The Central Bank’s (BanRep) efforts to fight inflation through tighter monetary policy seem to be finally paying off.