Latest reading: Consumer prices rose 3.8% in annual terms in April, following a 3.3% increase in the previous month. April’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
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 3.5 | 10.2 | 11.7 | 6.6 | 5.1 |
| Inflation (CPI, ann. var. %, eop) | 5.6 | 13.1 | 9.3 | 5.2 | 5.1 |
| Inflation (Core, ann. var. %, eop) | 2.8 | 9.2 | 8.8 | 5.8 | 5.6 |
Inflation rises in April from the prior month
Latest reading: Consumer prices increased 5.7% in annual terms in April, following a 5.6% increase in the prior month. April's reading was the strongest since September 2024 and came in slightly above market expectations. Relative to the previous month's figures, price pressures were higher for food and non-alcoholic beverages in April (+6.7% on a year-on-year basis vs +6.3% in March). In contrast, there were reduced price pressures for housing and utilities (+4.1% vs +4.2% in March) and restaurants and hotels (+9.6% vs +9.9% in March). Meanwhile, core consumer prices rose 6.3% in annual terms in April, unchanged from the previous month's reading. Finally, consumer prices were up 0.78% in April in month-on-month terms, unchanged from the previous month's reading.
Panelist insight: Commenting on the outlook, Santiago Tellez, analyst at Goldman Sachs, stated: “We maintain our year-end 2026 headline inflation forecast at 6.5%, with risks skewed to the upside on noncore items but tilted to the downside on services […]. We saw encouraging signs that the inflationary impact of the minimum wage on labor-intensive services is dwindling. This, along with gradually moderating pressures in the high-CPI weight rent component, suggests that the peak of core services may not be as high as anticipated at the start of the year […]. That said, some lingering risks related to the implementation of the labor reform during H2 persist. Conversely, tradable inflation has been somewhat higher than anticipated despite the favorable exchange rate dynamics. […]. In the near-term, the main risks to our forecast stems from food 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 47 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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United States: Inflation rises in April from the prior month -
Belarus: Inflation is stable in April Latest reading: Consumer prices were up 5.4% in annual terms in April, stable from the previous month’s reading. Relative to... -
China: Inflation accelerates in April from the prior month Latest reading: Consumer prices increased 1.2% on a year-on-year basis in April, following a 1.0% rise in the prior month... -
Colombia: Inflation rises in April from the prior month Latest reading: Consumer prices increased 5.7% in annual terms in April, following a 5.6% increase in the prior month. April’s... -
Vietnam: Inflation rises in April from the prior month Latest reading: Consumer prices were up 5.5% on a year-on-year basis in April, following a 4.7% rise in the prior... -
Costa Rica: Fall in consumer prices softens in April Latest reading: Consumer prices declined 1.6% in annual terms in April, following a 2.1% fall in the previous month. Relative... -
Angola: Inflation eases in April from the prior month Latest reading: Consumer prices increased 11.6% on a year-on-year basis in April, following a 12.4% rise in the previous month....