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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.

Exports from free-trade zones from January through October in 2016 were 52.9% higher than the same period in 2015.

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