Colombia Inflation October 2020


Colombia: Inflation declines to record-low in October

November 5, 2020

Consumer prices slid 0.06% over the previous month in October, contrasting September´s 0.32% increase. October´s drop was chiefly driven by falling prices for food and non-alcoholic beverages, education and housing and utilities.

Meanwhile, inflation dropped to 1.7% in October (September: 2.0%), marking the lowest reading on record and moving below the lower band of the Central Bank’s target range of 2.0–4.0%. In addition, annual average inflation inched down to 2.9% (September: 3.1%). Lastly, core inflation inched down from 2.2% in September to 2.1% in October. .

FocusEconomics Consensus Forecast panelists expect inflation to end 2021 at 2.8%, which is unchanged from last month’s forecast. In 2022, inflation is seen ending the year at 3.1%.


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Colombia Inflation Chart

Colombia Inflation October 20 20

Note: Year-on-year and month-on-month changes of the consumer price index in %.
Source: Colombia National Statistics Institute (DANE).

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