These are the products that have increased the most in price in Colombia so far this year

Inflation in Colombia continues to rise significantly, the indices seem to go hand in hand with the world economy and the consequences of the pandemic caused by Covid-19. According to the National Administrative Department of Statistics (Dane), for the month of March the consumer price index (CPI) had a variation of 1%, indicator that was close to double the same month in 2021, when it stood at 0.51%. In addition, inflation so far this year, that is, at the cut of the first quarter, stood at 4.36 per cent, compared to an indicator of 1.56 per cent a year ago, that is, almost three times.

This brings complications to Colombians' pockets, since the higher prices of products produce less possibility of supply and reduction in consumption. According to Dane, the monthly performance of the total CPI in March 2022 was mainly explained by the monthly variation of the food and non-alcoholic beverages and accommodation, water, electricity, gas and other fuels divisions.

In this regard, the highest price increases were recorded in the subclasses potatoes (110.22%), cassava for home consumption (85.14%), bananas (82.57%), onion (10.65%) and blackberries (9.60%). The lowest price increases were reported in the subclasses rice (0.54%), arracacha, yams and other tubers (0.83%) and concentrates for preparing soft drinks (1.55%). Added to the subclasses meals in establishments serving the table and self-service, with 0.95%; beef and derivatives, with 0.71%, and electricity, with 0.44%.

On the other hand, the largest price decreases were reported in the subclasses pork meat and derivatives (-2.34%), carrot (-1.70%) and bananas (-0.32%). Also, the subclasses with the lowest contributions were those belonging to fixed and mobile communication services and internet provision, with -0.43%; women's clothing, with -0.06%, and enrollment and enrollment in technical, technological and university careers, with -0.04%.

Since February, the Government has been announcing the not very encouraging picture of rising prices in Colombia, so Minister José Manuel Restrepo announced a package of measures that include:

- The central bank will continue the process of normalizing monetary policy

- The nation will reduce the costs of agricultural inputs

- The Government will reduce tariffs on agricultural imports

- Government will work with producers to increase food supply

- The Ministry of Transport will try to improve logistics in major Colombian ports with lower costs

- The Government will provide additional lines of credit and insurance to food producers

- One million more families will be included in government subsidies

It should be noted that the central bank has raised borrowing costs by 2.25 percentage points since September, to 4%, and in January it surprised analysts with a higher than expected increase in an attempt to curb price increases.

Inflation exceeds the target in all major Latin American economies, as well as in other emerging markets and in rich countries, amid a surge in global demand while supply chains still do not fully recover from the effects of the pandemic, companies shift the higher costs of food and energy to customers; and the conflict unleashed in Europe gives no respite.

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