Colombia's central bank decided to maintain its 9.25% interest rate on Friday after inflation fell in July.
Cheaper food and public services led to the fall.
The central bank said that the decrease showed that that the rate hikes in June and July were beginning to impact on the economy. Rates have risen by three and a quarter percentage points since April this year to combat rising inflation fuelled by domestic demand and export prices.
To read the central bank's statement on the rate hold, c