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Economy

Colombia’s 2016 inflation rate at 5.75%, misses government target

by David Maas January 9, 2017
4.5k

Colombia’s 2016 inflation was set at 5.75% by the country’s national Central Bank, missing the government-set target for the year but still down from the inflation recorded in 2015.

At the beginning of 2016, the government had set a goal of between four and five percent inflation for the year.

Despite failing to reach this target, the inflation rate represents roughly a one percentage point decrease compared with the 6.77% inflation recorded in 2015.


High inflation in January may mean sharper Colombia rate rises: Analysts

According to the report published by the National Statistics Department, DANE, health-related products registered the highest variation in prices at 8.14% thanks to increases in the prices of medicines, contraceptives and private insurance, among other indicators. Health prices had increased by 5.3% in 2015.

The variation in the prices of basic foods such as potatoes, beans, onions, tomatoes and other fresh vegetables and fruits was recorded at 7.22%, down from 10.85% in 2015.

The spending categories recording the lowest variations were apparel at 3.98%; luxury products, including computers, printers, televisions and other electronics at 4.05%; and transportation at 4.47%.

The DANE’s report comes on the heels of a recently approved 7% hike in the country’s minimum wage, and the tax reform raising value added tax (VAT) from 16% to 19%.

While the minimum wage increase covers the overall inflation figure, it doesn’t fully cover the increase in the cost of basic foods or health-related products, especially when taking into account the new VAT reform.


Colombia raises minimum wage with 7% to $1.18 / hour
inflation

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Colombia News | Colombia Reports
  • News
    • General
    • Analysis
    • War and peace
    • Elections
    • Economy
    • Culture
    • Sports
    • Science and Tech
  • Travel
    • General
    • Bogota
    • Medellin
    • Cali
    • Cartagena
    • Antioquia
    • Caribbean
    • Pacific
    • Coffee region
    • Amazon
    • Southwest Colombia
    • Northeast Colombia
    • Central Colombia
  • Data
    • Economy
    • Crime and security
    • War and peace
    • Development
    • Cities
    • Regions
    • Provinces
  • Profiles
    • Organized crime
    • Politics
    • Armed conflict
    • Economy
    • Sports
  • Lite
  • Opinion