Colombia: Inflation increases to 14-month high in February
March 5, 2014
In February, consumer prices rose 0.63% over the previous month, which followed the 0.49% increase registered in January. February's print overshot the 0.59% increase that LatinFocus Consensus Forecast panelists had expected and mainly reflected rising prices for education. Annual inflation edged up from 2.1% in January to 2.3% in February, which marked the largest increase since December 2012. The core inflation index, which excludes volatile items such as fresh food and fuels, rose 0.55% month-on-month in February (January: +0.33% month-on-month). Annual core inflation inched up from January's 2.7% to 2.8% in February, thus remaining well anchored within the Central Bank's tolerance margin of plus/minus 1.0 percentage points around its 3.0% target. LatinFocus Consensus Forecast participants expect that inflation will close 2014 at 2.9%, which is down 0.1 percentage points from last month's forecast. For 2015, the panel expects inflation to end the year at 3.1%.