In October 2020, inflation was -0.06 percent – Sectors – Economy

According to National Statistics Department (Dane), inflation in October was -0.06 percent, lower than that of the same month of 2019, which reached 0.16 percent.

(You may be interested in: ‘Entrepreneurs would anticipate up to $ 1 trillion in December premiums’).

As for the current year, this was 1.38 percent and the annual 1.75 percent; the latter was 2.11 percentage points lower than that reported in the same period of 2019, when it reached 3.86 percent.

Juan Daniel Oviedo, director of Dane, explained that the monthly behavior of the Consumer Price Index (CPI) in October was mainly explained by the monthly variation registered in the divisions of education (which with –2.48 percent was the lowest) and food and non-alcoholic beverages (–0.32 percent).

In education, according to him Dane, the largest price decreases last month were in enrollments and enrollments in technical, technological and university careers (-8.96 percent); enrollment and enrollment in postgraduate courses (-1.58 percent), and other higher education expenses (-0.03 percent).

Year-to-date variation of inflation (1.38 percent) was 2.05 less than that reported in the same period of the previous year, when it was 3.43 percent. The divisions that most explained this behavior were those of food and non-alcoholic beverages and accommodation, water, electricity, gas and other fuels.

Refering to annual variation of the CPI (1.75 percent in October), this is explained by the variation observed in the divisions of accommodation, water, electricity, gas and other fuels and food and non-alcoholic beverages. It is important to note that the annual is one of the starting points for negotiating the minimum salary next year.

(Further: ‘In increasing the minimum wage, businessmen ask for caution and balance’).


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