The consumer price index (IPC) rose by just 0.24% from February to March, putting the 12-month inflation rate at 3.14%, down from 3.37% in February.
According to the National Administrative Department of Statistics (DANE), this marks the fourth straight month of decline, with the rate now nearing the ideal rate of the Colombian central bank, which has set a target range of between 2%-4%.
The drop is even more pronounced compared to March 2017, when inflation hit 4.69%.
Month-over-month, the most significant change came in entertainment costs, which actually fell by 0.39% during March. Prices for communication (no change) and education (up 0.03%) were also nearly flat, while food prices (0.15%) were up slightly.
The largest increases were seen in healthcare (0.90%), housing (0.40%), and transportation (0.34%).