Colombia Inflation

Colombia

Colombia: Inflation inches back up in July

August 6, 2014

In July, consumer prices rose 0.15% over the previous month, which came in above the 0.09% price increase registered in June and was broadly in line with market analysts’ expectations of a 0.12% rise. July’s print mainly reflected that higher prices for foodstuff more than compensated for lower prices for leisure activities.

Annual inflation inched up from 2.8% in June to 2.9% in July. Annual inflation remains well anchored within the Central Bank’s tolerance margin of plus/minus 1.0 percentage point around its 3.0% target.

The core inflation index, which excludes volatile items such as fresh food and fuels, dropped 0.08% month-on-month in July (June: +0.21% month-on-month). Annual core inflation inched down from June’s 3.0% to 2.7% in July.

LatinFocus Consensus Forecast participants expect that inflation will close 2014 at 3.3%, which is unchanged from last month’s forecast. For 2015, the panel expects inflation to end the year at 3.1%.


Author: Teresa Kersting, Economist

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Colombia Inflation July 2014

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


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