Annual variation of inflation in Colombia was 5.20% in November

The Consumer Price Index (CPI) continues its downward path. According to the National Administrative Department of Statistics (Dane), the data in November 2024 presented an annual variation of 5.20%that is, almost half of what was reported in the same month of the previous year (10.15%).

And although the result continues to show signs of moderation, it failed to remain in line with the expectations of experts, who pointed to the CPI reaching 5.1%.

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For its part, Monthly inflation stood at 0.27%, while the year-to-date variation was 4.72%.

The report for the penultimate month of the year will be key for the discussion of the minimum wage, since it is the input that was missing at the negotiating table to begin shuffling proposals regarding the increase in this remuneration. The data will be taken into account together with the most recent productivity report in Colombia.

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annual CPI

The director of Dane, Piedad Urdinola, highlighted that the last annual result lower than that observed in the eleventh month of this year was recorded in October 2021, when this stood at 4.58%.

The report shows that the item that had the most weight in inflation continues to be Accommodation, with a contribution of 2.22 percentage points (pp). This category is followed by Restaurants and Hotels, with 0.90 pp; Transport, with a contribution of 0.68 pp, and Food, with 0.45 pp

Now, in the annual behavior, The category that continues to report the greatest variation is education. For November, this was the only spending division that reached double digits, with a total of 10.62%.

Next were Restaurants and Hotels (8.41%); Accommodation, Water, Electricity and Gas (7.25%); Alcoholic Beverages and Tobacco (5.83%), and Health (5.63%).

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Monthly inflation

In November 2024, the CPI was marked by Accommodation. For that month, the division contributed 0.09 pp, which was driven in part by a slight increase in gas prices and an increase in co-ownership and management payments.

This was followed by Recreation and Culture, with 0.05 pp, a figure that was largely driven by behavior in the prices of cinemas and theaters.

The Restaurants and Hotels category also contributed significantly to the monthly data (0.04 pp); Food (0.02 pp) and Transportation (0.02 pp).

In the case of restaurants, their contribution is based on meals outside the home and ready-made meals; while in food this is explained by the push of products such as tomato, cocoa, rice and banana.

In the eleventh month of the year, the prices of animal proteins also rose. The main monthly increase was observed in pork (1.9%), followed by prepared meats (1.1%), beef (0.6%) and finally poultry meat (0.4%). %).

The figure that was evident in November also responds to the variations registered in the Recreation and Culture categories (1.68%), Alcoholic Beverages and Tobacco (0.53%), Health (0.36%), Restaurants and Hotels (0.35%) and Accommodation (0.29%).

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Inflation

EFE

By region

The report shows that the cities that recorded the highest monthly data were Armenia, Villavicencio and Ibagué. These three territories reported a monthly variation in November of 0.53%, 0.48% and 0.47%, respectively.

These are followed by Sincelejo (0.42%), Pereira (0.40%), Medellín (0.37%) and Bucaramanga (0.36%).

At the other end of the data are Santa Marta (-0.03%), Popayán (0.04%), Florencia (0.06%), Barranquilla (0.07%), Pasto (0.08%) , Valledupar (0.11%), Cali (0.15%) and Neiva (0.17%).

Regarding the annual variation of the CPI, Bucaramanga continues as the geographical domain with the highest datawith 6.10%. The capital of Santander is followed by Pereira (5.82%), Bogotá DC (5.80%), Medellín (5.70%), Sincelejo (5.39%), Florencia (5.38%), Armenia (5.22%), and Ibagué (5.18%).

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