Colombian inflation was 0.28
percent in November, a touch above market expectations,
compared with the 0.47 percent registered in November 2007, the
government’s DANE statistics agency said on Monday.
A Reuters poll of analysts last week predicted that
November inflation would be 0.27 percent.
In the 12 months through November, inflation was 7.73
percent compared with 5.41 percent in the 12 months ending in
November 2007, a statement from DANE said.
“Even though the monthly number was lower than in November
2007, it was not low enough to push the central bank toward
cutting interest rates before the end of this year,” said
Camilo Perez, chief economist at Banco de Bogotá.
“The central bank will probably start cutting rates in the
first quarter of next year,” Perez said.
President Alvaro Uribe has called on the central bank to
loosen monetary policy in order to help assure a soft landing
for Colombia’s economy, which is slowing under the weight of
the world financial crisis. (Reuters)
