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More than half of the total, or $1.57 billion USD, came from the hydrocarbon sector, per DANE.

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.

This was worst performance in eight years — below even the sluggish 1.96% growth of 2016 — and represents the third lowest rate this century.

In all, some 11.98 million tons of gray cement were shipped in 2017 compared to 12.1 million in 2016.

An increase over the past month in the recreation prices (up 0.68%) and housing prices (0.30%) helped to push up the overall consumer price index.

The October rate is up slightly from 3.97% last month and puts inflation outside of the central bank’s target rate for the first time since June.

July's rate of 3.4% is a decrease from the 3.99% seen in June and represents the 12th straight month that inflation has fallen.

The 3.99% rate is 38 basis points below the 4.37% annual inflation seen in May and less than half of the 8.60% rate in June 2016.

With inflation nearing the central bank's target range, some analysts are now wondering if the central bank will make another 50-basis-point cut Colombia's interest rate.

The February rate is down from 5.47% in January — and a marked decrease from the 8.97% seen in July 2017.