Colombian Inflation Unexpectedly Speeds Up In Setback for Petro

Colombia’s inflation rate ticked up last month potentially complicating President Gustavo Petro’s push for an interest rate cut that could boost the South American country’s economy.

Annual consumer price rises unexpectedly accelerated to 4.9% in July after two months of cooling inflation, the national statistics agency announced on Friday. The July print exceeded the median forecast of 4.82% in a Bloomberg survey of economists. Prices rose 0.28% from the previous month.