Colombia Inflation May 2021


Colombia: Inflation rises in May

June 4, 2021

Consumer prices increased 1.00% in May over the previous month, picking up from April’s 0.59% rise. May’s upturn was largely attributed to higher prices for food and non-alcoholic beverages.

Inflation accelerated to 3.3% in May, following April’s 2.0% increase marking the highest reading in over a year and landing above the midpoint of the Bank’s 2.0–4.0% target range. Annual average inflation remained stable at April’s 1.9%. Lastly, core inflation came in at 2.8% in May from the previous month’s 2.0% increase.

Commenting on the inflation outlook, Sergio Olarte and Jackeline Piraján, economists at Scotiabank, said:

“Inflation is normalizing at a somewhat faster pace than generally expected since traditional indexation rules have been re-imposed on some regulated prices and increased domestic demand has pushed up key prices for some services and rents. We project inflation to exceed the BanRep’s 3% y/y target sooner than previously expected.”

FocusEconomics Consensus Forecast panelists project inflation to end 2021 at 3.0%, which is up 0.2 percentage points from last month’s forecast. In 2022, inflation is seen ending the year at 3.2%.


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Colombia Inflation Chart

Colombia Inflation May 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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