“It has been a long time since anyone believed that 2008 inflation would come in within target. The June number is further confirmation that the target will not be hit,” said Camilo Perez, chief economist at Banco de Bogotá. “There is a higher chance now that the central bank will raise its overnight interest rate at its next meeting on July 25,” Perez said. The bank’s overnight rate stands at 9.75 percent. (Reuters)
