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The new 6.48% rate is the lowest seen since November 2015 — and a huge drop from the 8.97% high in July.

A drop in inflation was expected — but "its magnitude was much greater than we anticipated," said Bancolombia. A sharp decline in food prices fueled the major rebound.

This marks the 11th consecutive month that the Banco de la República has intervened in a fight against an inflation rate that has hit a 16-year high.

"There is little room for policymakers to leave interest rates on hold," according to Capital Economics analyst Adam Collins.

The third shipment of electrical cables has arrived from Mexico aboard a Ukraine-flagged, Russian-built specialized transport aircraft to make emergency repairs to EPM’s Guatapé hydroelectric generation facility after an accidental fire on February 15 in an access tunnel took the...

Fitch Ratings-New York-29 October 2015: The weather phenomenon known as El Nino, which causes lower water precipitation in Colombia, is currently putting the country’s electricity regulatory framework to the test, according to Fitch Ratings. A drought that could last until...