Latest reading: Inflation came in at 35.4% in May, which was down from April’s 37.9%. May’s figure marked the lowest...
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 inches further above target in April
Latest reading: Inflation inched up to 5.2% in April, slightly above March’s 5.1%. The reading outpaced market expectations and moved further above the Central Bank’s 2.0–4.0% target. Looking at the details of the release, hospitality and transport costs picked up pace, outweighing softer rises in food and housing prices. Still, the trend pointed down mildly, with annual average inflation coming in at 5.8% in April (March: 6.0%). Meanwhile, core inflation ticked up to 5.5% in April from March’s 5.4%. Lastly, consumer prices increased 0.66% from the previous month in April, accelerating from the 0.53% rise logged in March.
Outlook: Our panelists expect disinflation to resume in Q2 and to continue through the end of 2025 as food prices ease. This will push average price growth in 2025 down to a four-year low. Still, interest rate and minimum wage hikes plus currency weakness will keep inflation above the Central Bank’s target band through Q2 2026. A growing hydrocarbons supply shortfall is an upside risk, while export earnings, tax reforms and global tariff policy are key factors to monitor.
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 43 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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Turkey: Inflation declines to lowest level since November 2021 in May -
Euro Area: Harmonized inflation drops to lowest level since September 2024 in May Latest reading: Harmonized inflation fell to 1.9% in May, slightly below April’s 2.2% and the ECB’s 2.0% target. May’s result... -
Kazakhstan: Inflation rises to a near two-year high in May Latest reading: Inflation climbed to 11.3% in May from April’s 10.7%, marking the highest rate since September 2023. The reading... -
Kenya: Inflation eases and remains below midpoint of target range in May Latest reading: Inflation eased to 3.8% in May from April’s eight-month high of 4.1%. As a result, the reading remained... -
Australia: Inflation remains steady and within target in April Latest reading: Inflation was stable at 2.4% for the third consecutive month in April, slightly above market estimates but remaining... -
Kuwait: Inflation drops to lowest level since September 2020 in April Latest reading: Inflation came in at 2.3% in April, down from March’s 2.4%. April’s reading marked the lowest inflation rate... -
Singapore: Inflation remains at March’s level in April Latest reading: Inflation came in at 0.9% in April, matching March’s reading. April’s figure represented the join-weakest inflation rate since...