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Fedesarrollo's survey projects March inflation to drop to 7.34% — and continue falling to hit 5.51% by year-end.

"We need everyone's commitment, understanding that this is a situation that has hit rock bottom," said Medellín Mayor Federico Gutierrez.

"Beyond the pretty mountains, the pretty landscape, and the marvelous weather, there are so many things here. And investors come looking for talent!"

The new initiative will promote responsible tourism in the city and work to ensure local communities are receiving fair value for their work.