In January, Colombia experienced a 0.92% inflation rate, leading to an annual figure of 8.35%, as per DANE.
This represents a 4.90 percentage point drop compared to the same period last year, which saw a 13.25% rate.
Financial experts in Colombia anticipated this, with a Bank of the Republic survey predicting a 0.93% rate.
The main drivers behind January’s 0.92% CPI rise were the transportation and utilities sectors.
The transportation sector, in particular, recorded a 1.99% increase.
This was due to higher toll fees (7.76%), regulatory vehicle expenses (7.28%), and fuel costs (3.88%).
On the flip side, there were decreases in air travel and luggage fees (-5.50%), bicycle parts (-1.23%), and vehicle tires and rims (-1.13%).
Dining, hotels up 1.72%; drinks, tobacco 1.11%; healthcare 1.10%; various goods 0.97%; housing 0.84%; home goods 0.69%.
Information and communication dipped by 0.12%, with recreation and culture down by 0.21%.
Leading the monthly CPI changes were dining out, vehicle fuels, and urban transportation, adding 0.13 and 0.12 percentage points, respectively.
The smallest impacts came from eggs, bananas, and day trip packages, each pulling the CPI down slightly.
This shift in Colombia’s inflation rate is crucial for economic planning and reflects changes in both consumer habits and market dynamics.