Colombia Inflation


Inflation falls to eight-month low in October

In October, consumer prices fell 0.26% over the previous month, contrasting the 0.29% rise registered in September and marking the steepest decline since 1986. The decrease in October contrasted the 0.13% increase that markets had expected and mainly reflected declining prices for food and recreation. Annual inflation fell from 2.3% in September to 1.8% in October, reaching the lowest level since February 2013.

The core inflation index, which excludes volatile items such as fresh food and fuels, rose 0.04% month-on-month in October (September: +0.20% mom). Annual core inflation inched down from September's 2.8% to 2.7% in October, thus remaining well anchored within the Central Bank's tolerance margin of plus/minus 1.0 percentage-points around its 3.0% target.

The government sees inflation at 3.0% in 2013. LatinFocus Consensus Forecast participants expect that inflation will close the year at 2.6%, which is unchanged from last month's forecast. For next year, the panel expects inflation to end the year at 3.1%, which is also unchanged over the previous month's estimate.

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Colombia Inflation Chart

Colombia Inflation October 2013

Note: Year-on-year and month-on-month variation of cons. price index in %.
Source: Colombia National Statistical Institute (DANE).

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