Weekly Report - 9 October 2008 (ISSN 1741-7422)

COLOMBIA | Inflation slows. The government has met with some success in its measures to curb inflation. Consumer prices fell 0.19% in September, the statistics department (Dane) reported. Still, in the first nine months of the year inflation stood at 6.53% compared with 4.67% over the same period in 2007. The central bank, which might now reduce the key interest rate from 10%, has a tricky task ahead as the economy is so intertwined with that of the US, its biggest export market, source of foreign direct investment and remittances. President Alvaro Uribe announced a contingency plan last week to try and mitigate the effects of the international financial crisis and a slowdown in the US. The plan consists of pursuing emergency credits with multilateral lenders and deepening ties with Asia and the Middle East in terms of trade and investment.

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