Colombia | August inflation decelerated on lower food prices

August inflation was -0,32% MoM (8,1%), below all market expectations (Bloomberg: 0.16% MoM, BBVAe: 0.25%). Food inflation (-1.5% MoM) was the main surprise, while core inflation grew 0.22% MoM, slightly below our forecast of 0.27%. We expect inflation to continue subsiding as favorable base effect will start to weigh on inflation in the coming months.

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