The average increase in the price of a basket of goods and services in Colombia reached 0.3% in May, according to the national statistics agency DANE.
This figure indicates there has been a 1.92% increase in prices in the first five months of 2012.
Inflation for the last 12 months is now running at 3.44%, although Finance Minister Juan Carlos Echeverry told reporters that inflation will slow during the coming months.
According to Bloomberg Echeverry said inflation is at a “reasonable level.” The minister added, “We think inflation will slow toward 3% during the rest of the year.”
The sector which saw the highest inflation in May is housing and accommodation with a 0.56% increase. Food and drink also registered an increase of 0.5%.
There was no movement in the price of education last month. The sector with the biggest fall in prices in May was leisure and entertainment with a 0.31% decrease in costs.