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Colombia Inflation March 2023

Colombia: Inflation holds stable in March

Inflation came in at 13.3% in March, matching February’s reading. March’s figure represented the highest inflation rate since March 1999 and was marginally above market expectations. The reading was driven by moderating price pressures for food and non-alcoholic beverages and restaurants and hotels. That said, price pressures for housing increased.

Annual average inflation rose to 11.5% in March (February: 11.1%). Meanwhile, core inflation ticked up to 12.4% in March from the previous month’s 12.2%.

Lastly, consumer prices rose 1.05% over the previous month in March, a smaller increase than February’s 1.66% increase.

Inflation was also stable in February, suggesting that price pressures have neared their peak. That said, our panelists expect inflation to linger at double-digit levels until Q4 due to the lagged pass-through effects of indexation and elevated inflation expectations. An upside risk is posed by sticky core inflation, which increased again in March.

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