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Inflation in Colombia closes at 1.61% in 2020 – Latest News, Breaking News, Top News Headlines

Inflation in Colombia closes at 1.61% in 2020

Inflation in Colombia has closed at 1.61% in 2020, the lowest historical figure since 1955 when the variation of the Consumer Price Index (CPI) began to be recorded.

According to what the National Department of Statistics (Dane) has reported, inflation in 2020 has been marked by the crisis due to the coronavirus pandemic.

Juan Daniel Oviedo, the director of that Department, explained that “the inflation of 2020 is located as the lowest in the statistical history of the Dane. When the CPI measurement began (…) for 1955 it registered an inflation close to 2.03% and this inflation of 1.61% therefore becomes the lowest that the country has had since then ”.

In addition, the figure represents a drop of 2.19 percentage points compared to 3.8% in 2019.

By sectors, those that had the greatest variations in Colombia were “health” with 4.96%; “Food and alcoholic beverages” (4.80%) and “restaurants and hotels” (3.43%).

While those that contributed the least were “education” with -7.02%; “Clothing and footwear” (-3.94%), and “furniture, articles for the home and for conservation” (-0.96%).

Dane has indicated in a statement that “the annual behavior of the total CPI in December 2020 (1.61%) was mainly explained by the annual variation of the divisions’ food and non-alcoholic beverages’ and ‘accommodation, water, electricity, gas and other fuels’ ”.

On the other hand, analysts have indicated that the variation of the Consumer Price Index in the month of December was 0.38%, which represents an increase of 0.12 percentage points compared to the same month of 2019, when It was 0.26%.

The Dane report added that “the monthly behavior of the Total CPI in December 2020 (0.38%) was mainly explained by the monthly variation of the Accommodation, water, electricity, gas and other fuels divisions (0.52%) and Clothing and footwear (2.95%) ”.

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