Latest reading: Consumer prices rose 0.2% in annual terms in January, following a 0.8% rise in the previous month. January’s...
Inflation in Colombia
Colombia experienced generally moderate inflation over the last decade that aligned with its central bank's target of 2.0%–4.0%. However, inflation rose into double digits in 2022–2023 due to large currency depreciation, high global commodity prices plus pandemic-induced supply chain disruptions. Inflation has since eased, tempered by elevated interest rates and a stronger currency.
In the year 2024, the inflation in Colombia was 6.61%, compared to 2.90% in 2014 and 11.74% in 2023. It averaged 5.55% over the last decade. For more inflation information, visit our dedicated page.
Colombia Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Colombia from 2014 to 2025.
Source: Macrobond.
Colombia Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 2.5 | 3.5 | 10.2 | 11.7 | 6.6 |
| Inflation (CPI, ann. var. %, eop) | 1.6 | 5.6 | 13.1 | 9.3 | 5.2 |
| Inflation (Core, ann. var. %, eop) | 1.4 | 2.8 | 9.2 | 8.8 | 5.8 |
Inflation remains above target in January
Latest reading: Consumer prices increased 5.4% on a year-on-year basis in January, following a 5.1% rise in the previous month and remaining well above the Central Bank’s 2.0–4.0% target range. Relative to the previous month's data, price pressures were higher for restaurants and hotels in January (+9.0% on a year-on-year basis vs +7.9% in December). In contrast, price pressures reduced for housing and utilities in January (+4.6% vs +4.8% in December). Finally, the change in food and non-alcoholic beverages prices was the same as in the prior month (+5.1% in January and December). Meanwhile, core consumer prices were up 5.9% on a year-on-year basis in January, following a 5.6% rise in the previous month. Finally, consumer prices were up 1.18% in January in month-on-month terms, following a 0.26% increase in the prior month.
Panelist insight: Commenting on the outlook, Santiago Tellez, analyst at Goldman Sachs, stated: “Year-on-year headline inflation is likely to remain on a mostly upward trajectory during 2026. […] The significant inflation shock implied by a 23% minimum wage hike will continue to boost the prices of ex-rent services, especially through April. […] On the slightly more constructive side, we anticipate some progress from the lagged impact of the COP strengthening, lower domestic fuel tariffs, and favorable base effects from the 2025 rollout of health-related taxes and coffee prices.”
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 48 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.
Want to get access to the full dataset of Colombian inflation forecasts? Send an email to info@focus-economics.com.
Latest Global Inflation News
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China: Inflation eases in January from December -
Belarus: Inflation ebbs in January from the prior month Latest reading: Consumer prices were up 6.4% on a year-on-year basis in January, following a 6.8% increase in the prior... -
Taiwan: Inflation decelerates in January from the prior month Latest reading: Consumer prices rose 0.7% on a year-on-year basis in January, following a 1.3% rise in the previous month.... -
Chile: Inflation ebbs in January from December Latest reading: Consumer prices rose 2.8% on a year-on-year basis in January, following a 3.4% rise in the prior month.... -
Colombia: Inflation remains above target in January Latest reading: Consumer prices increased 5.4% on a year-on-year basis in January, following a 5.1% rise in the previous month... -
Costa Rica: Year-on-year fall in consumer prices deepens in January Latest reading: Consumer prices were down 2.5% on a year-on-year basis in January, following a 1.2% fall in the previous... -
Philippines: Inflation rises in January from December Latest reading: Consumer prices rose 2.0% in annual terms in January, following a 1.8% increase in the previous month. January’s...