Colombia | Inflation closed 2022 at its highest level in 23 years: 13.1%

Summary

In December, monthly inflation rose to 1.26% and annual inflation reached 13.12%, accelerating by 59 bps from the previous month's figure and again exceeding market analysts' expectations of 12.64% (according to Banco de la República's survey of analysts' expectations).

Key points

• Key points:
• The surprise came mainly from food, which reached an annual variation of 27.8%, accelerating by 72 bps compared to November. Within this division, perishable products registered the highest acceleration, while meats decelerated.
• The restaurants and hotels division was the second in registering the largest increases in annual terms in December, due to the transmission of food prices, but also a higher cost of other inputs.
• Core inflation reached 9.99%, 51 bps higher than in November. Within this, the basket of goods registered the highest acceleration, increasing by 111 bps compared to the previous month, which is associated with imported products such as vehicles, cleaning products, personal hygiene products, men's clothing and beer.
• Core inflation reached 9.99%, 51 bps higher than in November. Within this, the basket of goods registered the highest acceleration, increasing by 111 bps compared to the previous month, which is associated with imported products such as vehicles, cleaning products, personal hygiene products, men's clothing and beer.

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