Inflation in Colombia continues its course to approach calm levels. According to the most recent report from the National Administrative Department of Statistics (Dane), in October The monthly variation of the Consumer Price Index (CPI) was -0.13%.
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For its part, the year-to-date variation reached 4.44% and the annual variation reached 5.41%respectively. This last data, specifically, is in line with the market and Government forecasts that point to the CPI closing the year above 5%.
Since last year, inflation has been showing a downward trend. To better measure its decline, by October 2023, the annual figure reached 10.48%, while in the tenth month of 2024 it already reached 5.41%.
The statistical entity also highlighted that the last time there was a decrease in the monthly figure was June 2021, when it registered a variation of -0.05%.
According to the report, In the annual behavior, the category that reported the greatest variation was education, with 10.65%. Below are the items of Restaurants and Hotels, whose data was adjusted by 8.93%; Accommodation, water, electricity and gas, with 8.07%; Alcoholic beverages and tobacco, with 5.93%; Health, with 5.86%, and Transportation, with 5.62%.
As for the expenditure division that had the most weight in the data, that position goes to Accommodation, with an annual contribution of 2.45 percentage points (pp).; followed by Restaurants and Hotels, with a contribution of 0.95 pp; Transport, with 0.75 pp, Education, with 0.41 pp and Food, with 0.50 pp
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Education
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How it moved in the month
As explained by the director of the entity, Piedad Urdinola, the monthly behavior of the indicator was mainly explained by the decrease that has been evident in the food and non-alcoholic beverages division. During the analysis period, This item reported a variation of -0.76% and contributed negatively to the monthly data with 0.14 percentage points (pp).
Urdinola also highlighted that some of the types of food that show a decrease in inflation include meats, fresh fruits and legumes. Added to this are other products, whose annual trend has impacted the monthly data, here are the potatoes, tomato and onion.
The downward trend that was evident in October also responds to the falls in the categories of Recreation and Culture (-0.17%), Information and Communication (-0.16%), Goods and services for the home (-0 .05%), Accommodation, water, electricity and gas (-0.04%) and Transportation (-0.01).
Regarding contributions, in the tenth month of the year many of these categories were located at 0. In this group are the areas of Accommodation; Goods and Services; Transport; Education and Health.
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Food.
EFE
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By region
The report shows that the cities that recorded the highest monthly data were Manizales, Montería and Pereira. These three territories reported a monthly variation in October of 0.27%, 0.17% and 0.14%, respectively.
These are followed by Other urban areas (0.10%), Pasto (0.06%), Medellín (0.04%) and Armenia (0.04%).
At the other end of the data, with a negative variation, are Santa Marta (-2.06%), Barranquilla (-0.97%), Riohacha (-0.86%), Bucaramanga (-0.25% ), Cúcuta (-0.21%), Neiva (-0.21%), Tunja (-0.16%) and Villavicencio (0.12%).
Now, the director of Dane explained that inflation in Manizales was boosted in October by the peso it has the rental priceboth imputed (0.73%) and actual (0.70%); while in the Santa Marta data the behavior is explained by Meals outside the home (0.62%) and Transportation (0.24%).
Regarding the annual variation of the CPI, Bucaramanga was the geographic domain with the highest data, with 6.37%. The capital of Santander is followed by Pereira (6.01%), Medellín (5.91%), Bogotá DC (5.80%), Florencia (5.75%), Valledupar (5.73%), Sincelejo (5.61%), and Montería (5.46%).
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