Colombia: Inflation rises in July
Latest reading: Inflation ticked up to 4.9% in July, above June’s 4.8%, exceeding market expectations and remaining above the Central Bank’s 2.0–4.0% target range. Looking at the details of the release, prices for food and non-alcoholic beverages rose at a faster pace, outweighing softer price pressures for housing and utilities.
The trend pointed down mildly, with annual average inflation coming in at 5.3% in July (June: 5.4%). Meanwhile, core inflation fell to 5.3% in July from June’s 5.4%.
Finally, consumer prices increased 0.27% in July over the previous month, picking up from the 0.11% increase seen in June.
Panelist insight: Commenting on the outlook, Santiago Tellez, analyst at Goldman Sachs, stated:
“We see encouraging disinflationary signals in moderating rent inflation and low tradables inflation in the short term. [..]. We maintain our year-end 2025 inflation forecast of 4.8%.”