Latest reading: Inflation ticked up to 2.4% in July, following June’s 2.3%. Looking at the details of the release, prices...
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 2024 to 2018.
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 increases in August
Latest reading: Inflation rose to 5.1% in August from July’s 4.9%, matching market expectations and remaining above the Central Bank’s 2.0–4.0% inflation target. The increase was driven by a stronger increase in prices for food. In contrast, housing and utilities plus transportation price pressures eased. Annual average inflation fell to 5.2% in August (July: 5.3%). Meanwhile, core inflation ticked up to 5.4% in August from the previous month's 5.3%. Finally, consumer prices rose 0.19% in August over the previous month, below the 0.27% rise recorded in July.
Panelist insight: Commenting on the outlook, Santiago Tellez, analyst at Goldman Sachs, stated: “We still see encouraging disinflationary signals in the gradually slowing momentum of core services and moderating rent inflation […]. We expect further core services disinflation for the remainder of the year. On the flip side, adverse base effects suggest inflation progress has hit a temporary speed bump, and we see some upside risks to short-term inflation from noncore pressures. We maintain our year-end 2025 inflation forecast.”
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 46 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
-
Kuwait: Inflation increases in July -
Japan: Inflation declines in July but remains above target Latest reading: Inflation came in at 3.1% in July, down from June’s 3.3%. July’s result represented the lowest inflation rate... -
Estonia: Harmonized inflation picks up in July Latest reading: Harmonized inflation came in at 5.6% in July, which was up from June’s 5.3%. July’s figure was the... -
Greece: Harmonized inflation rises in July Latest reading: Harmonized inflation ticked up to 3.7% in July from June’s 3.6%. July’s figure represented the highest inflation rate... -
Hong Kong: Inflation falls to lowest level since June 2021 in July Latest reading: Inflation came in at 1.0% in July, down from June’s 1.5%. July’s result marked the weakest inflation rate... -
Lithuania: Harmonized inflation increases in July Latest reading: Harmonized inflation ticked up to 3.4% in July from June’s 3.2%. Looking at the details of the release,... -
Ireland: Harmonized inflation steadies in July Latest reading: Harmonized inflation was stable at June’s 1.6% in July. Looking at the details of the release, prices for...