Latest reading: Inflation came in at 1.7% in July, down from June’s 1.9% and slightly below market expectations. July’s figure...
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 rises in July
Latest reading: Inflation ticked up to 4.9% in July, above June’s 4.8%, exceeding market expectations and remaining above the Central Bank’s 2.0–4.0% target range. Looking at the details of the release, prices for food and non-alcoholic beverages rose at a faster pace, outweighing softer price pressures for housing and utilities. The trend pointed down mildly, with annual average inflation coming in at 5.3% in July (June: 5.4%). Meanwhile, core inflation fell to 5.3% in July from June’s 5.4%. Finally, consumer prices increased 0.27% in July over the previous month, picking up from the 0.11% increase seen in June.
Panelist insight: Commenting on the outlook, Santiago Tellez, analyst at Goldman Sachs, stated: “We see encouraging disinflationary signals in moderating rent inflation and low tradables inflation in the short term. [..]. We maintain our year-end 2025 inflation forecast of 4.8%.”
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 47 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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