The Consumer Price Index (CPI) of Colombia stood at 12.22 % year-on-year in October, which represents an increase of more than 0.7 points compared to the previous month, when it reached 11.4 % year-on-year, according to the National Administrative Department of Statistics (DANE).
In this way, inflation in Colombia once again exceeds a new record so far this century, since you have to go back to 1999 to find figures as high as those recorded since July of this year, when they exceeded two digits of CPI.
This increase is mainly due to the monthly variation in the price of food and non-alcoholic beverages, as well as in transportation, which presented variations of 1.1 % and 1.09 %, respectively, both being the largest increases monthly.
So far this year, accumulated inflation has already exceeded 10.8 %, this figure being higher than that registered a year ago in the same period, which stood at 4.34 %.
The latest forecasts from the Banco de la República, Colombia’s central bank, indicated that the country will end 2022 with a CPI rate of 11.3 % and will drop to 7.1 % in 2023.
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