Colombian inflation numbers for August were a disappointment for those advocating for interest rate cuts, as they slowed down less than anticipated. The annual inflation rate came in at 11.43%, higher than all 22 forecasts from analysts surveyed by Bloomberg. Consumer prices increased by 0.7% MoM. Calls from the finance minister and business leaders for interest rate reductions to spur economic activity will likely face scrutiny when the central bank meets on September 29. The bank predicts a 0.9% economic growth for the year, in sharp contrast to the 7.3% growth in 2022.