Colombia | Inflation to be around 3.8% in 2019 and 3.3% in 2020

Summary

We are now entering the countdown period to end 2019 and the November inflation data continue to show a similar trend to that of previous months. Inflation stabilizes at 3.8% per year, similar to our year-end estimate.

Key points

• Key points:
• For November the monthly variation was 0.10%, in line with our projection and below market expectations.
• The November figure was marked by a significant correction in the food and non-alcoholic beverages group.
• Inflation without food had a monthly variation of 0.20% and stood in annual terms at 3.28%.
• Based on the November data and our projections, we expect inflation to fall during the second half of the year and close 2020 at around 3.3%.

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