In December, consumer prices added 0.65% over the previous month, up from the 0.19% rise observed in November and more than doubling market expectations of a 0.26% increase. The main driver of the higher-than-expected monthly result was increasing food prices (December: +1.65% month-on-month; November: +0.25% mom). Food prices rose as a result of the harsh weather conditions observed in Colombia towards the end of 2010, as well as a general food price increase observed on international markets. As a result of the December increase, annual headline inflation jumped from 2.6% in November to 3.2% in December. The core inflation index, which excludes more volatile items such as fresh food and fuels, added a more moderate 0.38% in December. As a result, annual core inflation increased a notch from 3.1% in November to 3.2% in December. At its latest monetary policy meeting held on 17 December, the Central Bank left the reference interest rate unchanged at a historic low of 3.00%. This is the eighth consecutive month the policy rate has not been altered. However the recent increase in inflation may prompt monetary authorities to raise interest rates in the coming months. The current rate sits in the middle of the Central Bank's 2.0% - 4.0% inflation target range.
Inflation rises amid higher food prices
January 6, 2011
Looking for forecasts related to Inflation in Colombia? Download a sample report now.
Colombia Economic News
October 7, 2016
In what was a narrow and shocking result, Colombians rejected the peace agreement between the government and the FARC at the 2 October referendum.
September 30, 2016
The seven-member board of the Central Bank (BanRep) unanimously decided to keep the reference interest rate unchanged at 7.75% at its 30 September monetary policy meeting.
September 30, 2016
In August, exports grew 7.0% over the same month last year, which sharply contrasted the 27.3% plunge recorded in July.
September 16, 2016
Industrial production unexpectedly shrank 6.2% annually in July, which contrasted the 6.7% increase seen in June.
September 5, 2016
The Colombian economy continues to adjust to low oil prices two years after they first started to collapse.