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Colombia Inflation

Colombia Inflation

Inflation in Colombia

Colombia experienced generally moderate inflation from 2013 to 2022 that aligned with its central bank's target of 2.0%–4.0%. However, the COVID-19 pandemic led to an increase in inflation into double digits, reflecting large currency depreciation, supply chain disruptions and high global commodity prices.

Consumer price inflation averaged 4.5% in the ten years to 2022 in Colombia, below the Latin America average of 8.4%. The 2022 average figure was 10.2%. For more inflation information, visit our dedicated page.

Colombia Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Colombia from 2021 to 2018.
Source: DANE Colombia.

Colombia Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 3.2 3.5 2.5 3.5 10.2
Inflation (CPI, ann. var. %, eop) 3.2 3.8 1.6 5.6 13.1
Inflation (Core, ann. var. %, eop) 3.2 3.8 1.9 4.4 11.6

Inflation falls to over two-year low in April

Inflation came in at 7.2% in April, which was down from March’s 7.4%. April's reading represented the lowest inflation rate since January 2022 and was largely in line with market expectations. The result was driven by moderating price pressures for housing and utilities, restaurants and hotels, and transport. Accordingly, the trend pointed down, with annual average inflation coming in at 9.9% in April (March: 10.3%). Meanwhile, core inflation fell to an over two-year low of 7.3% in April, from the previous month's 7.6%. Finally, consumer prices increased 0.59% over the previous month in April, below the 0.70% rise seen in March. April's result marked the weakest reading since December 2023 and had also been anticipated by markets.

Our Consensus is for inflation to keep declining through the fourth quarter of 2025, and to average lower this year than last. That said, over 2024 as a whole, our panelists expect price pressures to outpace the Central Bank’s target of 2.0–4.0%. Disinflation will likely slow once the impact of interest rate cuts fully trickles down into the real economy.

Analysts at Scotiabank Colpatria commented: “The mixed picture between goods and services inflation continues. Goods-related inflation decreased […] below [the] inflation target, but explained mainly by the disinflation of tradable goods. In the case of services, the picture is still challenging, […] affected mainly by the indexation in key prices such as rent fees. All in all, today’s results would not be enough to convince the cautious side of BanRep’s board. Instead, we think they will continue the easing cycle at a 50-bps pace with a split vote, like in the previous couple of meetings.”

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 41 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.

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