Colombia | Inflation closed 2021 at 5.62%

Summary

Inflation in December maintained its upward trend and again surprised on the upside with a monthly variation of 0.73%, closing the year at 5.62%. Inflation without food had a monthly variation of 0.44% and was 3.44% in annual terms, 8 basis points higher than in November.

Key points

• Key points:
• Food was the main protagonist in the acceleration of inflation in 2021, closing at 17.2% YoY and contributing with more than half of the annual inflation.
• Fixed and mobile communications plans, clothing and education offset part of the inflation increase in 2021.
• Non-tradable goods remain at low levels but could generate pressures with their reactivation.
• The recent increase in inflation, mainly explained by food, has led the poor and vulnerable to have inflation rates up to 2.5 percentage points higher than those observed in the high-income brackets.

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