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Colombia Inflation March 2024

Colombia: Inflation falls to lowest level in over two years in March

Inflation came in at 7.4% in March, down from February’s 7.7%. March’s result marked the weakest inflation rate since January 2022. The moderation was broad-based, with reduced price pressures for housing and utilities, food and non-alcoholic beverages, and restaurants and hotels.

Accordingly, the trend pointed down, with annual average inflation coming in at 10.3% in March (February: 10.8%). Meanwhile, core inflation fell to 7.6% in March from the previous month’s 8.1%.

Lastly, consumer prices increased 0.70% over the previous month in March, a smaller increase than the 1.09% rise logged in February.

Our Consensus is for the disinflation process to continue through at least the fourth quarter of 2025. Our panelists expect average inflation to return within the Central Bank’s target band of 2.0–4.0% in H2 2025 but remain above its mid-point. The disinflation process will likely slow once the impact of interest rate cuts trickles down to the real economy.

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