Published on Monday, September 6, 2021

Colombia | Inflation in August stood at 4.44%.

Inflation in August had a monthly variation of 0.45% and stood at 4.44% in annual terms. Foodstuffs continue to be the protagonists in recent increases, although price increases in other goods and services that are highly dependent on the exchange rate.

Key points

  • Key points:
  • Inflation in August was slightly higher than anticipated by BBVA (0.38%) but surprised market expectations for the fourth consecutive month (0.19%).
  • Food, especially animal proteins and processed foods, continue to drive up inflation due to higher input costs.
  • Exchange rate devaluation, higher global trade costs and some local bottlenecks will continue to put upward pressure on inflation.
  • The upward surprise of the August inflation data adds pressure on the Central Bank to begin its rate hike cycle.

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