Colombia: Inflation increases in January
February 5, 2014
In January, consumer prices rose 0.49% over the previous month, which followed the 0.26% increase registered in December. January's print, however, undershot the 0.55% increase that markets had expected and mainly reflected rising prices for transportation and for food. Annual inflation edged up from 1.9% in December to 2.1% in January.
The core inflation index, which excludes volatile items such as fresh food and fuels, rose 0.33% month-on-month in January (December: +0.34% month-on-month). Annual core inflation remained steady at December's 2.7%, thus remaining well anchored within the Central Bank's tolerance margin of plus/minus 1.0 percentage points around its 3.0% target.
LatinFocus Consensus Forecast participants expect that inflation will close 2014 at 3.0%, which is unchanged from last month's forecast. For 2015, the panel expects inflation to end the year at 3.1%.