Colombia Inflation August 2021

Colombia

Colombia: Inflation hits over four-year high in August

September 4, 2021

Consumer prices rose 0.45% in August over the previous month, accelerating from the 0.32% rise seen in July. August’s acceleration came on the back of higher prices for food and non-alcoholic beverages, as well as for restaurants and hotels.

Meanwhile, inflation came in at 4.4% in August, up from July’s 4.0%, moving above the Central Bank’s upper bound of the 2.0%–4.0% target range. August's reading marked the highest inflation rate since May 2017. Consequently, the trend pointed up, with annual average inflation rising to 2.4% in August (July: 2.2%). Lastly, core inflation rose to 3.9% in August, from July’s 3.6%.

FocusEconomics Consensus Forecast panelists project inflation to end 2021 at 3.6%, which is up 0.2 percentage points from last month’s forecast. In 2022, inflation is seen ending the year at 3.2%.


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Colombia Inflation August 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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