Inflation in Colombia

Colombia Inflation | Economic News & Forecasts

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

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %)5.0  7.5  4.3  3.2  3.5  

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Colombia Inflation Chart

Colombia Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Statistical Institute (DANE).

Colombia Facts

Value Change Date
Bond Yield6.080.0 %Dec 30
Exchange Rate3,287-0.17 %Jan 01

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