Colombia: Inflation picks up to 17-month high in April
May 6, 2014
In April, consumer prices rose 0.46% over the previous month, which followed the 0.39% increase registered in March. April's print overshot the 0.34% increase that market analysts had expected and mainly reflected rising prices for foodstuffs. Annual inflation edged up from 2.5% in March to 2.7% in April, which marked the largest increase since November 2012.
The core inflation index, which excludes volatile items such as fresh food and fuels, rose 0.23% month-on-month in April (March: +0.25% month-on-month). Annual core inflation inched down from March's 2.9% to 2.8% in April, thus remaining 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%.
Author: Armando Ciccarelli, Head of Data Solutions