Colombia: Inflation comes in at an over five-year high January
Consumer prices rose 1.67% over the previous month in January, accelerating from December’s 0.73% increase. January’s uptick marked the highest reading since February 2001. Looking at the details of the release, transport prices rose at a quicker pace in January compared to the previous month, while price pressures for food and non-alcoholic beverages picked up pace.
Inflation came in at 6.9% in January, which was up from December’s 5.6%, moving further above the Central Bank’s 2.0%–4.0% target band. January’s figure represented the highest inflation rate since September 2016. Consequently, the trend pointed up, with annual average inflation coming in at 3.9% in January (December: 3.5%). Lastly, core inflation rose to 5.6% in January, from December’s 4.4%.