In May, household spending was $80.8 billionwhich represented a decrease of 2.74% compared to the same month of 2022.
However, in his monthly Gastometry report, Raddar, says that there is a slight recovery taking into account that there is an increase of 5.25% compared to last April.
The growth in this indicator reflects an improvement in Colombians’ willingness to spend thanks to the slowdown in inflation, a phenomenon that has been going on for two consecutive months.
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It underscores the fact that, occasionally, lower food inflation may have additional relief in the pocket of Colombian families.
Likewise, it says that in the fifth month of the year, The celebration of Mother’s Day could be a great incentive for spending and contribute to the slight recovery.
The possible anticipation of purchases due to the payment of the premium or for the mid-year vacations can be another favorable factor, according to Raddar.
By income levels, a change in the spending trend stands out. Thus, high-income households were the ones that recorded the greatest recovery in real spending.
In turn, low-income households were the ones that registered the greatest drop in real spending, being the only ones that registered a slowdown.
In terms of access to credit, the placement of different modalities was in negative territory.
(See: In Colombia, 2.35 million households do not eat three times a day)
Despite this, write down Raddar’s report, there was an increase in credit as a source of household spending.
Another fact that stands out in the May report is that remittances did not make a major contribution to the dynamics of purchases made by families in the country.
“One of the baskets in which the allocation of spending is growing the most is transportation and communications, which may be due to the increase in fuel prices in the country,” indicates the report.
As to the annual variation indicates that household spending in the last twelve months of the year was $977.6 billionwhich indicates a current annual growth of 9.26%.
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