Inflation in Colombia reached 8.53% at March cut-off, according to DANE report

Inflation in Colombia continues to rise, which continues to impoverish ordinary citizens, as food and daily life are more expensive. According to the National Administrative Department of Statistics (Dane), the consumer price index (CPI) varied by 1 percent, an indicator that was nearly double that of the same month in 2021, when it stood at 0.51 percent.

This means that annualized inflation in Colombia in March this year stands at 8.53%, more than 5.6 times that recorded in March 2021, where it was 1.51%.

The monthly performance of the total CPI in March 2022 (1.00%) was mainly explained by the monthly variation of the Food and Non-Alcoholic Beverages and Housing, Water, Electricity, Gas and Other Fuels divisions.

The largest variations occurred in the divisions Food and non-alcoholic beverages (2.84%) and Furniture, household goods and ordinary household preservation (1.83%)

Likewise, the monthly change in the CPI was 1.00%, compared to February 2022. The Food and Non-Alcoholic Beverages division recorded a monthly variation of 2.84%, this being the largest monthly variation. In March 2022, the largest price increases were recorded in the subclasses cassava for home consumption (10.92%), onion (10.65%) and blackberries (9.60%).

The largest price decreases were reported in the subclasses pork meat and derivatives (-2.34%), carrots (-1.70%) and bananas (-0.32%).

The Furniture, Household Goods and Ordinary Household Maintenance division registered a monthly variation of 1.83%, this being the second largest monthly variation. In March 2022, the largest price increases were recorded in the subclasses cleaning and maintenance products (3.44%), toiletries (3.09%) and small electrical accessories (1.92%).

The lowest price increases were reported in the subclasses other decorative items (0.05%), stoves, ovens and gas pipettes (0.30%) and washing machines, dryers and dishwashers (0.45%). The Clothing and Footwear division recorded a monthly variation of -1.78%, this being the smallest monthly variation.

In the third month of the year, the largest price decreases were reported in the subclasses: men's clothing (-3.91%), women's clothing (-3.81%) and other items and clothing accessories for men and women, including adult and baby clothing items and materials (-1.06%). The highest price increases were recorded in the subclasses: washing and ironing of clothes (1.64%), men's shoes (0.98%) and women's shoes (0.63%). The Information and Communication division recorded a monthly variation of -0.19%, this being the second smallest monthly variation.

Finally, the lowest price increase was recorded in the subclass: mobile telephone equipment, similar equipment and repair (-2.79%). Moreover, the largest contributions to the monthly variation in the twelve divisions of the Total CPI were recorded in the following subclasses: meals in table service establishments and self-service establishments 0.10 percentage points, rice with 0.06 percentage points and fresh fruit with 0.06 percentage points.

The subclasses with the lowest contributions were: men's clothing with -0.03 percentage points, women's clothing with -0.03 percentage points and gas with -0.02 percentage points.

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