May 27, 2022

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Colombian inflation grew by 0.45% during August 2021

Colombian inflation grew by 0.45% during August 2021

EFE / Mauricio Duenas Castaneda / Archive

Presented by the National Administrative Statistics Service (Danish) on Saturday 4th September Consumer price index balance for August, in what is also understood as the development that is being made Colombian inflation, for both that month and for what will happen in 2021.

As mentioned by the entity, The monthly CPI variance was 0.45%, the year-to-date variance was 3.93% and the annual variance was 4.44%. All results represent significant growth compared to the figures for the immediately prior year: the month was -0.01%, the current year was 1.12% and the year overall was 1.88%.

Similarly, they indicated that the results were explained mainly by the monthly difference of Food and non-alcoholic beverages sector, which grew by 1.08%, and restaurants and hotels by 0.99%. It is followed by education with 0.62% and transportation with 0.34%. The only negative result was the information and communication sector with -0.18%.

Regarding the food and non-alcoholic beverages segment, Dane noted that the highest price increases were recorded in the sub-categories of Blackberries (9.89%), bananas (8.71%) and tomatoes (8.15%). The largest decline in prices was reported in the subcategories: onions (-4.86%), eggs (-3.54%) and oranges (-2.97%).

As for restaurants and hotels, it was noted that the highest price rise was recorded in meals prepared outside the home for immediate consumption, In table and self-service establishments (1.15%), meals in self-service establishments (1.03%) and hot drinks in self-service establishments and table service (0.85%). Minors were reported in subcategories: expenditures in nightclubs (0.21%), hotel accommodation services (0.32%) and soda and other soft drinks in table service and self-catering establishments (0.81%).

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It is interesting that in terms of information and communication, the lowest price increase was recorded in Mobile phone subcategory is similar and has a repair index of -2.79%.

For its part, the annual change was mainly explained by the annual variance of the divisions Food, non-alcoholic drinks, accommodation, water, electricity and gas and other fuels.

The first of these departments recorded an annual variance of 11.50%, the highest in this classification. The biggest price increases were recorded in sub-categories Edible oils (37.75%), eggs (29.14%), beef and its derivatives (26.06%). The largest decreases in prices were reported in the subcategories of arracacha, yam and other tubers (-33.31%), onions (-28.22%) and rice (-13.01%).

For their part, restaurants and hotels recorded an annual variance of 6.93%, which is the second highest annual variance. The biggest price increases were recorded in sub-categories Meals in self-service and table service establishments (8.12%), hot drinks (7.18%) and meals prepared outside the home for immediate consumption in table service and self-service establishments (6.48%). While the main decline in prices was recorded in the sub-category of hotel accommodation services (-7.07%).

The Information and Communications Department recorded an annual variance of -3.63%, which is the lowest annual variance. In August 2021, The lowest price increases were recorded in the subcategories of fixed and mobile communication services and Internet provision (-2.65%), and mobile phones, similar equipment and repair equipment (16.19%).

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