Colombia: Inflation rises from decades-low in December
January 4, 2014
In December, consumer prices rose 0.26% over the previous month, contrasting the 0.22% drop registered in November. December's print was broadly in line with the 0.20% increase that markets had expected and mainly reflected rising prices for recreation, transportation and food. Annual inflation inched up from 1.8% in November to 1.9% in December. November had marked the lowest rate since November 1955.
The core inflation index, which excludes volatile items such as fresh food and fuels, rose 0.34% month-on-month in December (November: +0.18% month-on-month). Annual core inflation inched down from November's 2.8% to 2.7% in December, 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%.