economy and politics

Inflation in Colombia closed 2024 at 5.20%, within experts’ expectations

Inflation

The director of the National Administrative Department of Statistics (Dane), Piedad Urdinolarevealed that the inflation data for the month of December 2024 closed at 5.20% annually, the same data released in the month of November. This is the second lowest figure since the same month of 2020, when it was 1.61%.

In addition, The monthly data for the twelfth month of the year closed at 0.46%slightly higher than the data recorded in December 2023, when it was 0.45%.

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As to monthly variations by expense divisionsthe one that recorded the highest data was Restaurants and hotelswith 0.99%. This is followed, in order, Accommodation, water, electricity and gas (0.58%); Food and non-alcoholic beverages (0.53%); Alcoholic beverages and tobacco (0.44%); Transport (0.39%); Various goods and services (0.18%); Health (0.14%); Clothing and footwear (0.12%); and Goods and services for household (0.11%).

inflation

IStock

If you look at the negative monthly variationsthe only spending units that had this record were Information and communication (-0.10%) and Recreation and culture (-0.23). Education was the only one that did not register a variation compared to the same month last year.

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As for the monthly contributionthe highest figure was recorded by the Accommodation division, with 0.18 percentage points (pp). This is followed by Restaurants and hotels (0.11 pp); Food (0.10 pp); Transportation (0.05 pp) and Miscellaneous goods and services (0.01 pp).

Already speaking of the annual variationthe highest data was that of Education, with 10.62%. Below, Restaurants and hotels appear in descending order (7.87%); Accommodation, water, electricity and gas (6.96%); Alcoholic beverages and tobacco (5.57%); Health (5.54%); Transportation (5.19%); Miscellaneous goods and services (3.33%); Food and non-alcoholic beverages (3.31%); Goods and services for the home (2.18%) and clothing and footwear (2.06%).

Inflation

Inflation

iStock

The only data that presented negative annual variations were Recreation and culture, with -0.21%, and Information and communication, with -0.93%.

In the case of the annual contributionthe expense division that had the greatest weight was Accommodation, with 2.13 pp. Below are Restaurants and hotels (0.85 pp); Transportation (0.70 pp); Food (0.63 pp) and Miscellaneous goods and services (0.41 pp).

How did the regions fare at the end of the year?

Speaking of the geographic domains of the country, the one that experienced the greatest monthly variation in the consumer price index in the last month of 2024 was Valleduparwith 1.13%.

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This is followed, in order, Saint Martha (0.91%); Barranquilla (0.82%); Riohacha (0.75%); Villavicencio (0.69%); Cartagena de Indias (0.66%); Ibague (0.57%); Neiva (0.53%); Sincelejo, Medellín and Montería (0.50%); and finally Cúcuta, Armenia and Pasto (0.47%).

Valledupar

Valledupar

Valledupar Mayor’s Office

As for the headers that registered a monthly variation lower than the national total, these were Pereira (0.45%); Bucaramanga (0.44%); Bogota (0.37%); Cali, Manizales and Tunja (0.35%) and Popayan (0.01%). The only geographic domain that registered a negative monthly variation was Florencewith -0.29%.

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If you put the magnifying glass on the city of Valledupar, the subclass that obtained the greatest monthly variation was urban transportwith 10.94%, while the one with the lowest figure was Mobile phone equipment, similar and repairwith -2.82%. Regarding the monthly contribution, both obtained data of 0.36 and 0.00 percentage points, respectively.

On the other hand, Florence, the city that had the least preponderance in inflation in the last month of the immediately previous year, the subclass with the greatest variation was Tomatowith 15.15%; while the lowest was Medical consultation with a private specialist doctorwith -10.30%. Regarding the monthly contribution, they registered respectively 0.06 and -0.01 percentage points.

Florencia, Caquetá

Florencia, Caquetá

Andres Hurtado

Speaking of the annual variation, the city that had the highest data was Bucaramanga, with 6.06%. This is followed by Pereira (5.98%); Bogotá (5.69%); Medellín (5.66%); Armenia (5.50%); Sincelejo (5.44%) and Ibagué (5.31%).

Below the national average are the cities of Cúcuta (5.08%); Florence (4.94%); Montería (4.81%); Villavicencio (4.80%); Popayán (4.69%); Valledupar (4.64%); Neiva (4.62%); Cartagena de Indias (4.57%); Cali (4.55%); Tunja (4.42%); Grass (4.30%); Riohacha (4.06%); Barranquilla (3.34%) and Santa Marta (0.47%).

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