Latest reading: Consumer prices were up 2.4% on a year-on-year basis in February, unchanged from the prior month’s reading. February’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 eases in February from January
Latest reading: Consumer prices rose 5.3% in annual terms in February, following a 5.4% increase in the prior and remain above the upper limit of the Central Bank’s 2.0–4.0% inflation target. That said, the reading came in below market expectations. Relative to the previous month's figures, price pressures reduced for housing and utilities in February (+3.9% on a year-on-year basis vs +4.6% in January). In contrast, there were higher price pressures for food and non-alcoholic beverages (+5.8% vs +5.1% in January) and restaurants and hotels (+9.6% vs +9.0% in January). Meanwhile, core consumer prices were up 6.1% in annual terms in February, following a 5.9% rise in the prior month. Finally, consumer prices were up 1.08% in February in month-on-month terms, following a 1.18% rise in the previous month.
Panelist insight: Commenting on the outlook, Santiago Tellez, analyst at Goldman Sachs, stated: “The minimum wage hike will continue to dominate the dynamics of ex-rent services, especially through April. We see a more limited wage impact on the high-CPI weight rent component, which is mostly backward-indexed to past inflation. […] On the slightly more constructive side, we anticipate some progress from the lagged impact of COP strengthening on tradables inflation.”
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 45 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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Colombia: Inflation eases in February from January Latest reading: Consumer prices rose 5.3% in annual terms in February, following a 5.4% increase in the prior and remain... -
Chile: Inflation eases in February from the prior month Latest reading: Consumer prices rose 2.4% on a year-on-year basis in February, following a 2.8% rise in the previous month....