COLOMBIA: Annual Inflation Drops To 3.40% In July, Lowest Since 2014

(RTTNews) - Colombia's Consumer Price Index (CPI) rose 3.40% in the 12 months ended in July, its weakest increase since October 2014, according to the national statistics office. In June, the index had a 12-month rise of 3.99%.

Annual inflation in Colombia has been losing steam since hitting an 8.97% peak in July 2016 and is now within the central bank's target range of 2% to 4%. Food prices were the main reason for that movement.

In the 12 months ended in July, food prices rose 0,20% - much less than the 15.71% increase in the same month of last year. Housing-related prices were 4.05% higher in July 2017 but were also rising more rapidly a year before (6.34%).

On a monthly basis, prices to Colombian consumers declined 0.05% in July, after rising 0.11% in June. It was the most significant monthly decrease since October 2016.

Analysts surveyed by Colombia's central bank expected the consumer price index to rise 0.12% in July compared to May.