Annual inflation in April, highest in almost 22 years: 9.23%

Annual inflation in April, highest in almost 22 years: 9.23%

“In consultation with the owners of the restaurants, they explain that these kittens are due to the higher prices of rice, milk, eggs, onions, bread, oil- and beef,” the official said.

For example, the prices of food such as meat, oil, rice and ei sugar which have a significant weight in the family’s shopping basket, has caused marked inflation in the past month.

There are several reasons for these increases and they range from the impact of the war between Russia and Ukraine in commodity prices, the international logistics crisis exacerbated by the new confinements in China, and even the weather conditions affecting certain crops.

Annual food inflation stood at 26.17% in April 2022, representing 4.26 percentage points of the annual contribution, according to information provided by the entity.

According to DANE, monthly inflation was 1.25%, resulting in a cost of 55.66% so far.

For April, the spending group leading the variation was clothing and footwear, at 2.99%, followed by food at 2.75%.

Goods and services were the third group of spending in the April variation at 1.49%.

The city with the highest inflation rate in April this year was Popayán, at 1.66%, while Santa Marta had the lowest indicator at 1.02%. In the case of Barranquilla, the monthly inflation rate was 1.28%.

On an annual basis Santa Marta It was the city with the highest inflation with 12.29% and Bogotá with the lowest with 8.11%. In barranquilla it was 10.64%.

Sergio Olarte, chief economist at Scotiabank Colpatria, said that while inflation will certainly decline, it will be very gradual.

“The bottleneck effects we currently have in international maritime transport due to a zero covid policy in China and because of the war between Russia and Ukraine will keep the prices of supplies and food very high, and for this reason. Inflation, despite the fact that it could fall slightly at the end of the year according to our forecasts, will not fall below 7.3%,” the analyst said.

He added: “for next year, depending on what happens to gasoline prices that we already knew are subsidizing us in a significant way and that they should rise, inflation may not even fall below 4% next year.” .”

The analyst advised to continue to replace imported goods with domestic consumer goods to cope with this inflation.

Source: El heraldo