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Colombia Inflation Soars to Highest Since 2008 Amid Drought

  • Consumer prices rose 7.45% in February, exceeding forecasts
  • Severe drought has hit food supplies, raising price of staples

Colombian inflation accelerated to its fastest pace in seven years as a severe drought hits food supplies and a fall in the peso lifts import costs.

Consumer prices rose 7.45 percent in January from a year earlier, the most since 2008, and exceeding the forecasts of all 29 analysts surveyed by Bloomberg, whose median forecast was 7.07 percent.