Colombia Inflation December 2021


Colombia: Inflation increases to five-year high in December

January 5, 2022

Consumer prices rose 0.73% in December over the previous month, accelerating from November’s 0.49% increase, and logging the strongest increase in prices since May. Looking at the details of the release, December’s result was largely due to higher prices for food and non-alcoholic beverages, as well as for restaurants and hotels and transport.

Inflation climbed to a five-year high in November, coming in at 5.6% from November’s 5.3%, moving further above the upper bound of the Central Bank’s 2.0%–4.0% target range. Consequently, the trend pointed up, with annual average inflation increasing to 3.5% in December (November: 3.2%). Lastly, core inflation accelerated to 4.4% in December, up from November’s 4.2%.

FocusEconomics Consensus Forecast panelists project inflation to end 2022 at 3.6%, which is up 0.1 percentage points from last month’s forecast. In 2023, inflation is seen ending the year at 3.3%.


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Colombia Inflation Chart

Colombia Inflation December 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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