The measure of the change (variation) in the price of goods and services representative of household consumption in the country known as basket, as defined by the National Ministry of Statistics (Dane), the CPI in Colombia, in eleven months analyzed, showed that the costs reflected in activities related to transportation, services and food prices showed the most variations.
Annual inflation as of January 2023 was 13.25%; That is, 6.31 percentage points more than in the same period of the previous year, when it was 6.94%. This inflation was the second highest of the century, with an indicator not seen since March 1999, when it stood at 13.51%. The food item was 26.18% and with a contribution of 4.69 percentage points, this was the item that weighed most heavily.
The highest inflation of the century was in February, at 13.28%. Dane’s deputy director, Leonardo Trujillo, indicated at the time that the annual variation of the CPI as of February in the food category was 24.14%, with a contribution of 4.40 percentage points to the indicator.
For the second month of the year, education was the item showing the largest monthly variation, at 8.50%, followed by household goods (2.04%) and in third place is transportation at 1.99%.
The CPI reached a ceiling of 13.24% in March and Dane’s director, Piedad Urdinola, indicated that the food product stood at 21.81%, contributing 4.05 percentage points to the indicator.
In April, the CPI was 12.82%, representing an annual variation in the food category of 18.47%. “This item has driven all the growth in recent months, even if it is not the first division of expenditure,” says Dane director Piedad Urdinola.
Source: El heraldo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
