(Agencia CMA Latam) - Colombian Finance Minister Mauricio C?rdenas said that the annual inflation in Colombia should be close to 4% by year-end, converging to the central bank target range of 2% to 4% in 2018.
"In the board of the Bank of the Republic, which looks into inflation from all possible angles, it became clear that the outlook is very reassuring. [...] Everything indicates that inflation is on the right track", C?rdenas said.
The minister noted the central bank's decision yesterday to reduce its benchmark interest rate by 25 basis points, to 5.5%, and that margins for future decreases are reaching their limit.
According to the most recent data, annual inflation in Colombia decreased from 4.37% in May to 3.99% in June, entering the central bank's target range of 2% to 4% for the first time since January 2015.
Prices in Colombia have been rising faster than the limit set by the central bank for more than two years, peaking at 8.97% in July 2016, when food prices rose 15,71% because of a strike in the country's transport sector.
The end of the strike and a sharp decline in economic activity from the third quarter of 2016 onwards, however, helped to decelerate Colombian inflation, giving room for the country's central bank to ease the monetary policy.
by Agencia CMA Latam
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