BOGOTA, April 4 (Reuters) - Colombian inflation eased to 0.50 percent in March versus 0.81 percent in the same month last year, the government said on Saturday, showing the effect the slowing economy is having on consumer prices.
The March figure was also lower than the 0.65 percent predicted in a recent Reuters poll of analysts.
Colombian gross domestic product contracted 0.7 percent in the fourth quarter of last year as the global economic slowdown bit into commodity export revenue. Foreign direct investment has also been paralyzed by the world financial crisis.
Inflation over the 12 months through March was 6.14 percent versus 5.93 percent in the 12 months through March 2008, a government statement said.
The central bank has a 2009 inflation target of 4.5 percent to 5.5 percent. Price rises in this Andean country are expected to keep slowing, allowing this year's inflation rate to fall within the bank's target range.
Colombia's 2008 inflation rate was 7.67 percent.
(Reporting by Luis Jaime Acosta, writing by Hugh Bronstein) Keywords: COLOMBIA INFLATION/ (hugh.bronstein@thomsonreuters.com; +571-634-4139; Reuters Messaging: hugh.bronstein.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The March figure was also lower than the 0.65 percent predicted in a recent Reuters poll of analysts.
Colombian gross domestic product contracted 0.7 percent in the fourth quarter of last year as the global economic slowdown bit into commodity export revenue. Foreign direct investment has also been paralyzed by the world financial crisis.
Inflation over the 12 months through March was 6.14 percent versus 5.93 percent in the 12 months through March 2008, a government statement said.
The central bank has a 2009 inflation target of 4.5 percent to 5.5 percent. Price rises in this Andean country are expected to keep slowing, allowing this year's inflation rate to fall within the bank's target range.
Colombia's 2008 inflation rate was 7.67 percent.
(Reporting by Luis Jaime Acosta, writing by Hugh Bronstein) Keywords: COLOMBIA INFLATION/ (hugh.bronstein@thomsonreuters.com; +571-634-4139; Reuters Messaging: hugh.bronstein.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.