Slowest Colombia Inflation Since 2010 Surprises 100% of Analysts

Colombian inflation unexpectedly slowed in November to its lowest rate since 2010 on cheaper food and transport.

Consumer prices rose 2.77 percent from a year earlier, down from a 3.06 percent annual increase in October, the national statistics agency said yesterday. The number was lower than the forecast of all 26 analysts surveyed by Bloomberg, whose median estimate was for inflation to accelerate to 3.1 percent.

Prices fell 0.14 percent from a month earlier, the biggest monthly drop in more than two years. The fall was led by a 0.49 percent reduction in food prices. Transport costs fell 0.09 percent.

The central bank cut its benchmark interest rate to 4.5 percent at its November meeting after the nation’s biggest brokerage collapsed and industry contracted for a second month.

Colombia targets inflation of 3 percent, plus or minus one percentage point.

To contact the reporter on this story: Matthew Bristow in Bogota at mbristow5@bloomberg.net

To contact the editor responsible for this story: Philip Sanders at psanders@bloomberg.net