Thursday, September 28, 2023

Inflation in Colombia: How it ended in February and how it affects me

According to the latest report from the National Administrative Agency for Statistics (DANE), inflation in Colombia continues with an upward trend and the Consumer Price Index (CPI) for the month of February was 1.66%, representing a cumulative annual increase of 13.28% , the highest since 1999.

The above means that the education sectors recorded the largest increase due to the entry of Calendar A schools and universities, various household and transportation items, while food and non-alcoholic beverages accounted for the largest percentage largely responsible for the increase in inflation.

In the transport sector there was a significant increase in tariffs, which reached 11.54%, which is why DANE assures that there has not been such high inflation since March 1999. “In February 2023, the largest price increases were recorded in the diploma subclasses, continued.” Education, pre-ICFEs, pre-university (10.66%), other higher education expenses (10.64%) and payments for homework advice and tuition by individuals ( 9.78%),” the company’s statement said.

Cities with the largest increase in CPI

According to DANE’s data in its report, the cities with the greatest increase in the consumer price index were Cúcuta with 16.12%, followed by Sincelejo with 14.97% and Valledupar with 14.56%, while the lowest growth was recorded there in Pereira, Villavicencio and Ibagué with 12.41%, 12.72% and 12.94%, respectively.

Inflation was 12.94% in Bogotá, 13.20% in Medellín, 13.33% in Cali, 14.41% in Cartagena and 13.33% in Bucaramanga. As for cumulative inflation, it reached 3.47% so far in 2023, a slight difference from last year when it was 3.33% at the end of February.

How does inflation affect us?

According to the Bank of the Republic, inflation means the “general and achieved increase in the prices of goods and services that most represent household consumption in a country,” meaning that higher inflation makes the purchase of basic products significantly more difficult and increases the cost of regular purchases.

Taking into account the above, this represents an impact on citizens’ wallets, their domestic economy, the ability to save and the payment or cancellation of various goods and services that are essential in the family’s basic basket, thus affecting the most disadvantaged households, who are in some way at risk or have lower economic performance.

Nation World News Desk
Nation World News Desk
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