Inflation in Colombia
Colombia - Inflation
Inflation exceeds expectations and comes in at highest level since March 1999 in December
Inflation increased to 13.1% in December, following November’s 12.5%. December's figure exceeded market expectations and marked the highest inflation rate since March 1999. The increase was primarily due to rising prices for housing and utilities. In addition, price pressures for food and non-alcoholic beverages rose at a stronger pace.
The trend pointed up, with annual average inflation coming in at 10.2% in December (November: 9.6%). Meanwhile, core inflation rose to 11.6% in December, from November’s 11.1%.
Finally, consumer prices rose 1.26% in December over the previous month, picking up from the 0.77% increase recorded in November. December's figure marked the highest reading since February.
Analysts at Scotiabank Colpatria said:
“Today's inflation surprise has changed our expectations for BanRep's policy rate. The possibility of a 100bps hike in January BanRep's meeting is now elevated.”
Our panel sees inflation ending 2023 at 6.4%, which is up 0.4 percentage points from last month’s forecast, and 2024 at 4.1%.
Colombia - Inflation Data
|Inflation Rate (CPI, annual variation in %)||5.0||7.5||4.3||3.2||3.5|
5 years of economic forecasts for more than 30 economic indicators.
Colombia Inflation Chart
Source: Statistical Institute (DANE).
|Bond Yield||6.08||0.0 %||Dec 30|
|Exchange Rate||3,287||-0.17 %||Jan 01|
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January 10, 2023
Merchandise exports rose 4.6% on an annual basis in December (November: +8.7% year-on-year).
January 5, 2023
Inflation increased to 13.1% in December, following November’s 12.5%.
January 2, 2023
The S&P Global Manufacturing Purchasing Managers' Index (PMI) rose to 51.1 in December from November's 47.3.
December 15, 2022
Manufacturing output increased 5.3% in year-on-year terms in October, which was a deterioration from September's 6.8% increase.
December 11, 2022
According to a survey elaborated by Fedesarrollo, consumer confidence came in at minus 22.3 in December, up from November's minus 24.8.