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Analysts consulted by Colombia's central bank in its monthly expectations survey for October expect inflation to reach 5.98% by the end of 2016, down from 6.26% one month ago and 6.77% two months ago.
Inflation for 2017 was projected to reach 4.16%, a slight decrease from the 4.20% forecast in the previous survey
Inflation for October was expected to reach 0.11%.
As in the previous survey, analysts expect reductions in the benchmark interest rate during the first half of 2017 to take it to 6.50% from the current 7.75%.
The cycle of rate cuts could begin as early as December, according to economic analysis firm CrediCorp Capital, considering the slowdown in inflation in August, the weakness in local demand and an improvement in external imbalances.