The April inflation figures of 0.78% for the month and 12-month inflation of 12.82% were below median expectations for a monthly rise of 0.9% and a 12-month figure of 12.97% in a Reuters poll last week. The 12-month figure is still more than four times the long-term target rate of 3%. Colombia's central bank board continued a
long tightening cycle last week amid persistent inflation and significant stability risks to the global financial system, taking the benchmark interest rate to 13.25%.
The country's fiscal deficit target may be revised upward,
Bonilla added.
"The fall in oil prices is making us look at the
scenario of what is happening and that could mean that when the
medium-term fiscal plan is presented, the fiscal deficit target
won't be 3.8% but a little higher," Bonilla said, adding that
even a revised figure would be well below 5%.
(Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb;
Editing by Mark Porter)
