Consumer prices in Colombia unexpectedly dropped by 0.13% in October, which is the first decline in over three years. This came as a surprise to analysts who had predicted a 0.16% increase.

The unexpected decrease in inflation supports President Gustavo Petro's argument for implementing more significant interest rate cuts. All 24 economists surveyed by Bloomberg had anticipated a positive reading, so this decline in inflation could potentially lead to more aggressive adjustments in monetary policy.

This news is likely to have an impact on discussions among policymakers and financial markets as they evaluate the implications for Colombia's economic recovery and the trajectory of interest rates.