Colombian families have received encouraging news: inflation in the country continues to show signs of relief, despite the challenges facing the global economy. According to the report presented by the National Administrative Department of Statistics (Dane) this Tuesday, August 8annual inflation up to July was 11.78%, maintaining a downward trend compared to previous months.
So far this year, from January to July, the inflation indicator has reached an average of 6.68%. This shows that although the number is still significant, a moderation in the increase in prices is being observed that directly impact the household economy.
Regarding the divisions that have contributed the most to the increase in inflation, the report reveals that the transport sector experienced an increase of 1.07% in July. Expenses related to restaurants and hotels have also contributed to the rise, with an increase of 0.68%. It is interesting to note that the products in the family basket, which are in the category of food and non-alcoholic beverages, had an increase of 0.22%a positive result after a negative increase in June.
Look here: Inflation in Colombia fell in June: it reached 12.13%
Annual inflation in Colombia
Looking at the annual variation, it is clear that some sectors have experienced significant price increases. Transport, for example, has had an increase of 18.32% in the last year, while the restaurant and hotel sector has experienced an increase of 17.25%. Other divisions that are above the average of the Consumer Price Index (CPI) are goods and services for the home (14.01%), miscellaneous goods and services (13.86%) and food and non-alcoholic beverages (13 ,24%).
In the realm of production, there is also good news that supports the downward trend in the cost of living. During the last quarter, average oil production reached 728 thousand barrels per day, which represents an increase of 23.4 thousand barrels per day compared to the same quarter of the previous year. This increase has been highlighted in fields such as Caño Sur and Rubiales in Colombia, as well as in the Permian field in the United States.
This progressive relief in the family basket is contributing to the moderation of the total cost of living and, slowly, it approaches the goal established by the Bank of the Republic, which is at 3%. This is a range that the CPI in Colombia left behind in May 2021, and its recovery is a positive indicator for the country’s economy. Despite the challenges that may arise along the way, the downward trend in inflation provides some optimism to Colombian families and economic agents, who can look to the future with a little more confidence in financial stability.
It may interest you: Gasoline price increase in Colombia
