The National Administrative Department of Statistics (Dane) revealed this Thursday that the Inflation in Colombia was 13.12 percent in 2022when a year ago it was only 5.62 percent.
According to the director of Dane, Piedad Urdinola, Colombia did not register a similar level of inflation since March 1999 when it reached 13.51 percent.
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Colombia did not register a similar level of inflation since March 1999 when it reached 13.51 percent
In just the month of December, the cost of living for Colombians increased 1.26 percenta much higher figure when compared to the 0.73 percent that was registered in the same month of 2021. In addition, it is the highest for this month since 1994 when it was 1.49 percent.
The inflation figure for all of 2022 was higher than the 12.2 percent expected by the Ministry of Finance and 12.3 percent of the Banco de la República by the end of 2022.
It was also above the expectations of analysts, who expected an average of 0.82 percent for the monthly data, while for the year they estimated 12.64 percent.
What contributed the most to the skyrocketing inflation were the prices of food and alcoholic beverages, which increased 27.81 percent. The largest increases registered in December were in arracacha, yams and other tubers (109.84 percent), onion (106.81 percent) and cassava for home consumption (88.08 percent).
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On the contrary, the smallest increases occurred in raw panela for home consumption (4.10 percent), mineral water (with and without gas) for home consumption (8.96 percent) and concentrates to prepare soft drinks (9.03 percent).
The director of Dane explained that the higher prices in December were marked by the consumption of alcoholic beverages and tobacco which are increased by the end of the year festivities, as well as food and transportation services.
Other items that also contributed to the increase in inflation were restaurants and hotels, with 18.54 percent, being food outside the home (21.40 percent) and hot drinks (20.81 percent) which rose the most. Similarly, there was a notable rise (18.25 percent) in the prices of household items.
The Information and Communication division registered an annual variation of 0.25 percent, this being the lowest annual variation. In December, the highest price increase was registered in mobile telephone equipment (3.77 percent).