Latest reading: Consumer prices increased 3.7% on a year-on-year basis in December, following a 3.5% increase in the prior month...
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 ebbs in December from November
Latest reading: Consumer prices increased 5.1% in annual terms in December, following a 5.3% increase in the previous month. December’s reading slightly undershot market expectations. Relative to the prior month's figures, there were milder price pressures for housing and utilities (+4.8% in annual terms vs +5.3% in November) and food and non-alcoholic beverages (+5.1% vs +5.7% in November). In contrast, price pressures were higher for restaurants and hotels in December (+7.9% vs +7.6% in November). Meanwhile, core consumer prices rose 5.6% on a year-on-year basis in December, following a 5.5% rise in the previous month. Finally, consumer prices were up 0.26% in December in month-on-month terms, following a 0.07% rise in the prior month.
Panelist insight: Commenting on the outlook, Mariana Quinche Bustamante, analyst at BBVA, stated: “Looking ahead, we expect the 23% minimum wage increase, far above what had been projected, to exert significant upward pressure on inflation in 2026, particularly via services, but also across other baskets through higher labor costs in labor-intensive sectors and subsequent price adjustments. […] Risks are not limited to minimum-wage-related indexation: if consumption remains dynamic in 2026, supported by higher household income, it could sustain demand pressures and, consequently, inflationary pressures. Added to this is the risk of increases in gas prices in a scenario of lower domestic supply.”
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 49 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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Australia: Inflation picks up in December from November -
New Zealand: Inflation ticks up in Q4 Latest reading: New Zealand’s inflationary pressures strengthened toward the end of 2025, with the annual CPI rising to 3.1% in... -
Japan: Inflation eases to lowest since March 2022 in December Latest reading: Consumer prices were up 2.1% on a year-on-year basis in December, following a 2.9% rise in the prior... -
Croatia: Inflation ebbs in December from prior month Latest reading: Harmonized consumer prices rose 3.8% in annual terms in December, following a 4.3% increase in the prior month.... -
Hong Kong: Inflation rises in December from the prior month Latest reading: Consumer prices were up 1.5% on a year-on-year basis in December, following a 1.2% rise in the previous... -
Canada: Inflation rises in December from November Latest reading: Consumer prices were up 2.4% in annual terms in December, following a 2.2% increase in the previous month.... -
South Africa: Inflation inches up in December Latest reading: Consumer prices were up 3.6% in annual terms in December, following a 3.5% rise in the previous month....