Inflation in Colombia
Colombia - Inflation
Inflation comes in at highest level since April 1999 in August
Consumer prices rose 1.02% in August over the previous month, accelerating from July's 0.80% increase and being nearly double the market consensus. August's result was the highest reading since April. The increase was largely due to rising prices for housing and utilities. In addition, price pressures for food and non-alcoholic beverages rose at a stronger pace.
Inflation rose to 10.8% in August, following July’s 10.2%. August's result was the highest inflation rate since April 1999. Annual average inflation rose to 7.7% in August (July: 7.2%). Lastly, core inflation rose to 9.4% in August, from July’s 8.8%.
Diego Camacho A. and Daniel Velandia of Credicorp commented on the outlook:
“All-in, short-term pressures on inflation remain acute and thus, we are increasing our year-end estimate from 10% to 10.5%. For 2023, risks remain significant with the adjustment of the minimum wage, the pace of public spending, the path of fuel price increases and the COP behavior being key factors going forward. We now see inflation at 6.5% by Dec-23 (we had 5.5% previously).”
FocusEconomics Consensus Forecast panelists expect inflation to end 2022 at 9.3%, which is up 0.3 percentage points from last month’s forecast. In 2023, inflation is seen ending the year at 4.8%.
Colombia - Inflation Data
|Inflation Rate (CPI, annual variation in %)||5.0||7.5||4.3||3.2||3.5|
5 years of economic forecasts for more than 30 economic indicators.
Colombia Inflation Chart
Source: Statistical Institute (DANE).
|Bond Yield||6.08||0.0 %||Dec 30|
|Exchange Rate||3,287||-0.17 %||Jan 01|
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September 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) rose to 52.4 in August from July's 49.5.
August 16, 2022
GDP growth sped up to 12.6% year on year in the second quarter, from 8.5% in the first quarter.
August 12, 2022
Manufacturing output grew 12.3% in year-on-year terms in June, which followed May's 46.1% increase.
August 9, 2022
Consumer confidence fell to minus 10.4 in July from June's 2.9 according to a survey elaborated by Fedesarrollo.
August 5, 2022
Consumer prices rose 1.02% in August over the previous month, accelerating from July's 0.80% increase and being nearly double the market consensus.