Latest reading: Consumer prices rose 10.9% in annual terms in May, following a 11.6% rise in the prior month. May’s...
Inflation in Colombia
Colombia experienced generally moderate inflation over the last decade that aligned with its central bank's target of 2.0%–4.0%. However, inflation rose into double digits in 2022–2023 due to large currency depreciation, high global commodity prices plus pandemic-induced supply chain disruptions. Inflation has since eased, tempered by elevated interest rates and a stronger currency.
In the year 2024, the inflation in Colombia was 6.61%, compared to 2.90% in 2014 and 11.74% in 2023. It averaged 5.55% over the last decade. For more inflation information, visit our dedicated page.
Colombia Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Colombia from 2014 to 2025.
Source: Macrobond.
Colombia Inflation Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 3.5 | 10.2 | 11.7 | 6.6 | 5.1 |
| Inflation (CPI, ann. var. %, eop) | 5.6 | 13.1 | 9.3 | 5.2 | 5.1 |
| Inflation (Core, ann. var. %, eop) | 2.8 | 9.2 | 8.8 | 5.8 | 5.6 |
Inflation picks up in May from the prior month
Latest reading: Consumer prices increased 5.8% in annual terms in May, following a 5.7% rise in the prior month. May's reading was the strongest since August 2024. Relative to the prior month's figures, price pressures were higher for housing and utilities in May (+4.5% on a year-on-year basis vs +4.1% in April). In contrast, price pressures reduced for food and non-alcoholic beverages in May (+6.0% vs +6.7% in April). Finally, the variation in restaurants and hotels prices was the same as in the prior month (+9.6% in May and April). Meanwhile, core consumer prices increased 6.5% on a year-on-year basis in May, following a 6.3% rise in the prior month. Lastly, consumer prices increased 0.47% in May in month-on-month terms, following a 0.78% rise in the previous month.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Colombian inflation projections for the next ten years from a panel of 48 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Colombian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Colombian inflation projections.
Want to get access to the full dataset of Colombian inflation forecasts? Send an email to info@focus-economics.com.
Latest Global Inflation News
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