Colombia’s central bank held its benchmark interest rate at a 24-year high of 13.25%. Despite annual inflation in Colombia slowing to 12.13% in June, it’s still the fastest rate among major Latin American economies with inflation targets. The central bank is aiming for an inflation rate of 3%. Influences on the inflation rate include the government’s gradual phase-out of gasoline subsidies and the projected impact of the El Nino weather phenomenon on agriculture this year. The Colombian peso’s appreciation of 25% this year is helping lower import prices. Economists predict that Colombia will start cutting borrowing costs in October.