Colombia's consumer protection regulator has fined the local operating company of retail giant Carrefour COP43.4m (US$21,000) over misleading claims in an advertising campaign.

The agency ruled that the retailer's claim of a "guarantee of the lowest price" in the ads was invalid. The watchdog said Carrefour was not offering the lowest price everyday on all products, and had not included all retailers in its comparisons, but only some hypermarkets or supermarkets.

The watchdog also said the claim could not be made for perishable goods.

Carrefour has said it plans to challenge the ruling, and has ten days to lodge an appeal. The retailer also said that it planned to continue with the campaign with some adjustments to take into account the regulatory ruling.