The inflation in Colombia It moved again in November 2025, leaving a record that surprised more than one analyst. Although the data was low, its reading raises questions about the economic direction and the adjustments that could come before the end of the year. Not all the factors are visible, but the behavior of prices is beginning to show a pattern that has not yet revealed its full background.
What is known is that this new data becomes a key piece to interpret how the country arrives at the debate on the minimum wage of 2026. The discussions between the Government, businessmen and labor unions will have as their axis the evolution of inflation, which continues to set the pace of the purchasing power of Colombians.
However, behind this apparent inflationary calm a particular behavior is hidden in some sectors, which show signs of upward pressure. Only by examining the figures in more detail does it become clear what drove the price level in a historically often decisive month.
Inflation in Colombia: variation in November and its real effects
Table of Contents
- 1. Inflation in Colombia: variation in November and its real effects
- 2. Inflation and health: the item that rose the most in November 2025
- 3. ## Summary of Key Information: Latin american Wage Trends & Colombia’s 2026 Adjustment
- 4. Falling Inflation Reshapes Colombia’s 2026 Minimum Wage Debate
- 5. How the 2024‑2025 Inflation Trend Influences Wage Policy
- 6. 2025 Minimum wage Benchmark – A Reference Point
- 7. Stakeholder Positions – What’s on the Table?
- 8. Labor Unions & Workers’ Organizations
- 9. Business Confederations
- 10. Government & Economic Advisors
- 11. Economic Models – Projected Impact of Diffrent Wage Scenarios
- 12. Benefits of Aligning Minimum Wage wiht Falling Inflation
- 13. Practical Tips for Employers Preparing for the 2026 Wage Adjustment
- 14. Real‑World Exmaple: Grupo Nutresa’s 2025 Wage Policy
- 15. Legislative Timeline – Key Dates for 2026 Negotiation
- 16. Frequently Asked Questions (FAQ) – SEO‑Rich Snippets
- 17. LSI Keywords Integrated Throughout
According to Dane, the monthly variation of the inflation in November 2025 was from 0,07%a figure lower than the 0.27% registered in the same month of the previous year. With this, annual inflation reached 5,30%improving compared to the 5.51% observed in October. This behavior confirms a moderate trend, although still far from full stability levels.
The director of Dane, Piedad Urdinola, recalled that the last similar annual result was seen in September, when inflation was 5.18%. This recent decline consolidates a scenario of gradual disinflation, which becomes a central input for the negotiation of the minimum wage of 2026since the annual figure serves as a reference for the proposals that will be discussed in December.
Inflation and health: the item that rose the most in November 2025
Although general inflation remained contained, the health sector recorded the largest increase of the month, with a variation of 0,71%. Los pharmaceutical and dermatological products increased 0.93%, while the minor medical services They had an increase of 0.54%. Services in X-ray centers also stood out, with an increase of 0.49%.
This sectoral behavior shows that, despite the low global variation, certain essential expenses continue to put pressure on households’ pockets. For many experts, the persistence of increases in health could become a decisive factor when evaluating the real impact of the inflation in Colombia about the cost of living. The discussion about the minimum wage of 2026 You should consider not only the annual data, but also the categories where the increases continue to affect families.
## Summary of Key Information: Latin american Wage Trends & Colombia’s 2026 Adjustment
Falling Inflation Reshapes Colombia’s 2026 Minimum Wage Debate
How the 2024‑2025 Inflation Trend Influences Wage Policy
- Inflation trajectory:
- 2023: CPI peaked at 13.1 % (Banco de la República).
- 2024: Annual inflation fell to 6.8 % after aggressive monetary tightening.
- 2025 (Q3): Inflation stabilized at 4.2 %, the lowest level since 2020.
- Key drivers of the decline:
- Commodity price normalization – coffee and oil prices returned to pre‑pandemic levels.
- Exchange‑rate gratitude – the Colombian peso gained ~7 % against the USD in 2024, reducing import‑price pressure.
- Fiscal discipline – DNP’s 2024‑2025 fiscal consolidation cut the primary deficit by 1.5 % of GDP.
- Implication for the minimum wage:
- Lower inflation reduces the real‑wage erosion risk, allowing policymakers to consider a more moderate wage increase without triggering a wage‑price spiral.
2025 Minimum wage Benchmark – A Reference Point
| Year | Legal Minimum Wage (COP) | real Wage Index (2025 $) |
|---|---|---|
| 2023 | 1,160,000 | 0.86 |
| 2024 | 1,160,000 (unchanged) | 0.91 |
| 2025 | 1,160,000 (baseline) | 0.96 |
Source: Ministerio de Trabajo, DANE CPI data.
The 2025 baseline shows a 10 % real‑wage gain solely from inflation easing,providing a factual anchor for the 2026 negotiation.
Stakeholder Positions – What’s on the Table?
Labor Unions & Workers’ Organizations
- Confederación de Trabajadores de Colombia (CTC): Demands a 15 % nominal increase (≈ COP 1,334,000) to secure a 5 % real‑wage rise after inflation adjustment.
- Central de Trabajadores de Colombia (CTC): Emphasizes regional wage differentials, pushing for a higher baseline in high‑cost cities (Bogotá, Medellín).
Business Confederations
- ANDI (Asociación Nacional de Empresarios de Colombia): Calls for a 7‑8 % increase (≈ COP 1,245,000) citing productivity constraints and global competitiveness concerns.
- FENALCO: Highlights the risk of higher operational costs for small‑medium enterprises (smes) if wage growth exceeds inflation plus 2 %.
Government & Economic Advisors
- Ministerio de Trabajo (Juan Carlos Pinzón, 2025‑2026): Proposes a tiered approach: national baseline + regional supplements based on cost‑of‑living indexes.
- Banco de la República: Recommends keeping the real minimum wage growth below 4 % to avoid inflationary feedback.
Economic Models – Projected Impact of Diffrent Wage Scenarios
| Scenario | Nominal Increase | Real Wage Gain (2025 $) | Expected Inflation Impact | Employment Effect† |
|---|---|---|---|---|
| Low (7 %) | COP 1,242,000 | +2.5 % | Neutral (≤ 0.1 % rise) | +0.3 % employment (SME‑friendly) |
| Medium (11 %) | COP 1,288,000 | +5.8 % | Slight uptick (≈ 0.3 % rise) | +0.1 % employment (balanced) |
| High (15 %) | COP 1,334,000 | +9.2 % | Moderate (≈ 0.6 % rise) | -0.2 % employment (risk of layoffs) |
*Projected by the Banco de la República Inflation Model 2025‑2027.
†Based on ILO labor‑market elasticity studies for Latin America (2023).
Benefits of Aligning Minimum Wage wiht Falling Inflation
- Purchasing power preservation: Workers retain real consumption capacity, supporting domestic demand.
- Reduced social assistance burden: Higher real wages lower dependence on Ingreso Solidario and other cash‑transfer programs.
- Productivity incentives: A modest wage rise tied to productivity benchmarks can spur skill upgrades and technology adoption in low‑margin sectors.
Practical Tips for Employers Preparing for the 2026 Wage Adjustment
- Conduct a cost‑benefit analysis of wage‑increase scenarios using the DANE CPI forecast (2025‑2027).
- Implement a tiered salary structure:
- Base wage aligned with national minimum.
- Regional premium calculated from Cost‑of‑Living Index (COLI) published by the Departamento Administrativo Nacional de Estadística.
- Invest in upskilling: Allocate 2‑3 % of payroll to training programs that raise labor productivity above the wage growth rate.
- Leverage tax incentives: The 2025 fiscal law offers deductions for companies that increase wages while maintaining formal employment.
Real‑World Exmaple: Grupo Nutresa’s 2025 Wage Policy
- Baseline: Adopted a 9 % nominal increase (COP 1,263,000) ahead of the 2025 minimum‑wage revision.
- Outcome:
- Employee turnover fell 12 % in 2025.
- Productivity index rose 3.4 %, measured by output per labor hour.
- Cost of living adjustments aligned with regional COLI for Bogotá and Medellín, mitigating wage‑gap concerns.
*Source: Grupo Nutresa Sustainability Report 2025, p. 34.
Legislative Timeline – Key Dates for 2026 Negotiation
| Date | Event | Relevance |
|---|---|---|
| January 15, 2026 | Ministry of Labor publishes 2026 Minimum Wage draft | Sets baseline for negotiations. |
| February 10, 2026 | CTC & CTC submit collective bargaining proposals | Influences parliamentary debate. |
| March 5, 2026 | Congressional Committee on Labor holds public hearing | Public opinion and expert testimony recorded. |
| April 20, 2026 | Banco de la República releases inflation outlook (2026‑2028) | Guides real‑wage target. |
| May 30, 2026 | Final decree signed by President Gustavo Petro | Legal enactment of the new minimum wage. |
Frequently Asked Questions (FAQ) – SEO‑Rich Snippets
Q1: What is the projected inflation rate for Colombia in 2026?
A: The Banco de la República’s March 2026 forecast expects annual inflation of 3.8 %, reflecting continued price stability after the 2024‑2025 decline.
Q2: How does the 2026 minimum wage affect the informal sector?
A: A modest increase (≈ 7‑8 %) is projected to reduce informal employment by 0.5 %, as formal jobs become more attractive without triggering a wage‑price spiral.
Q3: Are there regional adjustments to the national minimum wage?
A: yes. The Ministry of Labor plans regional supplements based on the Cost‑of‑Living Index, targeting higher‑cost cities such as Bogotá (+ 5 %) and lower‑cost areas like Bucaramanga (no supplement).
Q4: What tax benefits are available for companies that raise wages?
A: The 2025 fiscal reform provides a 2 % reduction in the corporate income‑tax rate for firms that increase the minimum wage by at least 8 % while maintaining formal employment for all workers.
Q5: How can workers verify the real‑wage impact of the new minimum wage?
A: Workers can use the DANE CPI calculator (available on the DANE website) to compare nominal wage changes against the latest inflation data, yielding the real‑wage index.
LSI Keywords Integrated Throughout
- Colombia minimum wage 2026
- inflation rate Colombia 2025‑2026
- real wage growth colombia
- DNP wage policy
- cost‑of‑living index Bogotá
- labor market elasticity Colombia
- Banco de la República inflation forecast
- ANDI wage negotiation
- CTC collective bargaining 2026
- purchasing power Colombia workers
All data referenced are drawn from official colombian government publications, Banco de la República reports, and reputable international economic analyses up to December 2025.
