Colombia Inflation May 2016

Colombia

Colombia: Inflation breaks over-15-year record

June 6, 2016

In May, consumer prices rose 0.51% over the previous month, which was marginally greater than the 0.50% rise registered in April and overshot market expectations of a 0.40% increase. According to DANE, living expenses experienced the largest increase over the previous month, followed by the health and other expenses component.

Inflation climbed from 7.9% in April to 8.2% in May, the highest reading since January 2001. Inflation is well above the Central Bank’s tolerance margin of plus/minus 1.0 percentage point around its 3.0% target.

The core consumer price index, which excludes volatile items such as fresh food and fuels, inched down in May to 0.43% month-on-month (April: +0.70% month-on-month). Finally, core inflation also moderated from April’s 6.7% to 6.6% in May, although it has generally followed an upward trend since mid-2014.

Panelists participating in the LatinFocus Consensus Forecast expect that inflation will close 2016 at 5.8%, which is unchanged from last month’s forecast. For 2017, the panel expects inflation to end the year at 3.7%.


Author:, Economist

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Colombia Inflation May 2016 0

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


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