Colombia’s annual inflation rate fell to 5.18% in February, according to the country’s National Administrative Department of Statistics (DANE). This is down from 5.47% in January and marks the seventh consecutive month of falling inflation after the rate hit a 16-year high of 8.97% in June 2016.
Colombian President Juan Manuel Santos was encouraged by the news. He said on Twitter that the ongoing drop means that he believes inflation will return to the central bank’s target range of between 2% to 4% before 2018. “We will achieve the inflation goal of 4% by the end of the year,” said Santos on Twitter.
Mauricio Cárdenas, Colombia’s finance minister, also responded positively. “Inflation continues to fall,” wrote Cárdenas on Twitter, adding that this is “good news for your wallet.”