Colombia Inflation November 2021

Colombia

Colombia: Inflation increases to near five-year high in November

December 4, 2021

Consumer prices rose 0.49% in November over the previous month, accelerating from October’s 0.02% increase, and logging the strongest increase in prices since May. Looking at the details of the release, November’s result was largely due to higher prices for food and non-alcoholic beverages, as well as for restaurants and hotels.

Inflation climbed to a near five-year high in November, coming in at 5.3% from October’s 4.6%, 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 3.2% in November (October: 2.9%). Lastly, core inflation moderated to 3.7% in November, down from October’s 3.8%.

FocusEconomics Consensus Forecast panelists project inflation to end 2022 at 3.5%, which is unchanged from last month’s forecast. In 2023, inflation is seen ending the year at 3.3%.


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Colombia Inflation November 2021 0

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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