Latest reading: Inflation came in at 3.3% in June, down from May’s 3.5%. June’s result represented the weakest inflation rate...
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 2024 to 2018.
Source: Macrobond.
Colombia Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 2.5 | 3.5 | 10.2 | 11.7 | 6.6 |
| Inflation (CPI, ann. var. %, eop) | 1.6 | 5.6 | 13.1 | 9.3 | 5.2 |
| Inflation (Core, ann. var. %, eop) | 1.4 | 2.8 | 9.2 | 8.8 | 5.8 |
Inflation drops to near four-year low in June
Latest reading: Inflation edged down to 4.8% in June from 5.1% in May, marking the lowest inflation rate since October 2021. Although the reading fell short of market expectations, it remained above the Central Bank’s 2.0–4.0% target—where inflation has been since July 2021. The moderation was primarily due to slower growth in prices for food plus housing and utilities. Meanwhile, transport prices were largely unchanged in June. As a result, the trend pointed down slightly, with annual average inflation coming in at 5.4% in June (May: 5.6%). Finally, consumer prices increased 0.11% over the previous month in June, below May's 0.32% increase. June's result marked the weakest reading since October 2024.
Panelist insight: Commenting on the outlook, Jackeline Piraján and Daniela Silva, analysts at Scotiabank, stated: “June’s data confirms that indexation pressures were consolidated in the first half of the year, and their impact is expected to diminish in the coming months. […] Despite the relief provided by the latest inflation figures, the main drivers of the decline—food and regulated prices—pose a bittersweet scenario for BanRep.”
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 45 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.
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