Colombia Inflation July 2017


Colombia: Inflation falls in July, approaches BanRep's 3.0% target

August 5, 2017

In July, consumer prices fell 0.05% from a month earlier, which came in slightly above June’s revised 0.11% reading (previously reported: +0.10% month-on-month). According to the National Department of Administrative Statistics (DANE), July’s print was largely driven by lower food and housing prices.

Inflation fell to 3.4% (June: 4.0%), which was the lowest print in nearly three years and approached the midpoint of BanRep’s 3.0% plus/minus 1.0 percentage point target band. Since climbing to a multi-year high 9.0% in July 2016, inflation has fallen continuously every month as a result of BanRep’s loose monetary policy and the fading of transitory supply shocks that had initially fueled the spike in prices.

In June, the latest month for which data is available, core consumer prices—which exclude volatile items including fresh foods and fuels—rose 0.36% from a month earlier (May: +0.19% mom). Meanwhile, core inflation fell to 6.2% in June (May: 6.4%).

Panelists participating in the LatinFocus Consensus Forecast expect that inflation will end 2017 at 4.3%, which is unchanged from last month’s forecast. For 2018, the panel expects inflation to end the year at 3.5%.

Author:, Economist

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Colombia Inflation Chart

Colombia Inflation July 2017

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

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