Colombia | No-VAT day in October gives temporary relief to inflation: stood at 4.58%

Summary

Inflation in October had a monthly variation of 0.01% and stood at 4.58% YoY. The fall in the price of goods benefiting from the VAT-free day policy offset the price increases observed in the rest of the basket, mainly in food and related items.

Key points

• Key points:
• Core inflation had a monthly variation of -0.26% and reached 2.26%, decelerating for the second consecutive month.
• The information and communications and clothing and footwear divisions had the most negative monthly variations in October, with records of -6.79% and -3.45%, respectively.
• Foodstuffs for consumption within the home had a monthly variation of 0.89% and remained as the division with the highest positive contribution in the month, standing at 13.8% YoY.
• Inflation would end the year at 4.9% due to food pressure and a downward effect of VAT-free days. In 2022, it would close near 3.9%.

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