Education and food drove Colombia’s annual inflation rate to more than 8% in February

BOGOTA – The National Administrative Statistics Service (Dane) has just revealed that the annual inflation in Colombia in February was 8.01%.

Education which increased by 4.48% and Food by 3.26%, It was the groups that led to the monthly price discrepancy.

In February alone, prices are up 1.63% and the cumulative figure for the year through the second month is 3.33%.

It should be noted that the inflation target administered by Banco de la República is 3% and ranges between 2% and 4%.

More: Inflation in Colombia in February will make the rate hike more aggressive

“Food inflation continues to grow and continues to rise and is already 23%. Juan Daniel Oviedo, Director of Dane said:

In February 2022, the monthly CPI variance compared to January 2022 was 1.63%. The Education department recorded a monthly variance of 4.48%, which is the highest monthly variance.

The largest price increases were recorded in the sub-classes of pre-school and basic primary education (4.72%), secondary education (4.62%) and enrollment and enrollment in technical, technological and university professions (4.47%).

On the other hand, Oviedo explained that the lowest price increases have been reported In subcategories, continuing education, foundation, pre-university graduates (0.87%), homework counseling payments And classes attended by individuals (2.44%) and postgraduate registrations and registrations that refer to majors, masters and doctorates (3.89%).

More: Inflation expectations for Colombia in 2022 have risen by more than 100 basis points

As for the food and non-alcoholic beverages section, it recorded a monthly variation of 3.26%, which is the second largest monthly difference.

During the second month of the year, the largest increases in Prices were recorded in the subcategories of potatoes (16.14%), onions (12.94%) and tomatoes (12.37%).

The largest decrease in prices was recorded in the subcategories of carrot (-3.68%), spices and culinary herbs (-0.87%) and pork and its derivatives (-0.70%).

The Information and Communications department recorded a monthly variance of 0.04%, which is the lowest monthly variance. Subcategory Fixed and mobile communication services and internet provision did not offer price variance.

More: Inflation in Colombia will reach 8% annually in February: education will be key

Meanwhile, the housing group, which includes accommodation services, water, electricity, gas and other fuels, recorded a monthly variance of 0.71%, the second lowest monthly difference.

In this, the lowest price increases in subcategories are reported Sanitation (0.18%), water supply (0.28%) and effective rent (0.39%). The biggest price increases were recorded in Electricity (2.62%), gas (2.20%) and garbage collection (1.41%).