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Inflation in Colombia
Colombia experienced generally moderate inflation from 2013 to 2022 that aligned with its central bank's target of 2.0%–4.0%. However, the COVID-19 pandemic led to an increase in inflation into double digits, reflecting large currency depreciation, supply chain disruptions and high global commodity prices.
Consumer price inflation averaged 4.5% in the ten years to 2022 in Colombia, below the Latin America average of 8.4%. The 2022 average figure was 10.2%. For more inflation information, visit our dedicated page.
Colombia Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Colombia from 2021 to 2018.
Source: Macrobond.
Colombia Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 3.5 | 2.5 | 3.5 | 10.2 | 11.7 |
| Inflation (CPI, ann. var. %, eop) | 3.8 | 1.6 | 5.6 | 13.1 | 9.3 |
| Inflation (Core, ann. var. %, eop) | 3.4 | 1.4 | 2.8 | 9.2 | 8.8 |
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Colombian inflation projections for the next ten years from a panel of 43 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Colombian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Colombian inflation projections.
Want to get access to the full dataset of Colombian inflation forecasts? Send an email to info@focus-economics.com.
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