Colombia Inflation March 2021

Colombia

Colombia: Inflation edges down in March

April 5, 2021

Consumer prices rose 0.51% on a monthly basis in March, down from February’s 0.64% increase. March’s downturn was largely driven by a softer growth in prices for clothing and footwear, as well as for transportation.

Inflation inched down to 1.5% in March, (February: 1.6%) moving further below the lower bound of the Central Bank’s target range of 2.0%–4.0%. Accordingly, annual average inflation came in at 2.0%, softening from February’s 2.2%. Lastly, core inflation remained stable at February’s 1.7% in March.

Felipe Camargo, senior economist at Oxford Economics said:

“Low inflation is lingering despite rising oil prices and a weakening peso. We expect reflation to return in the upcoming months due to a strong pick up in the price of energy goods. Core inflation will likely remain flat until growth in services output gains momentum.”

FocusEconomics Consensus Forecast panelists project inflation to end 2021 at 2.8%, which is unchanged from last month’s forecast. In 2022, inflation is seen ending the year at 3.2%.


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Colombia Inflation March 2021

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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