Annual inflation was close to 7% at the start of 2022

In January 2022the variation of the Consumer Price Index (CPI) was 1.67% Y that of the twelve months was 6.94%. This was announced this Saturday by the National Administrative Department of Statistics (Dane) when delivering the results on the general increase in prices in Colombia.

According to the statistical entity, the inflation of January 2022 it was highest than that of the first month of 2021, which was 1.26 percentage points lower, that is, at 0.41%.

With regard to the annual figure (6.94%)the increase was significantly higherthat is, 5.34 percentage points higher than that reported in the same period of the previous year, when it was 1.60%.

Annual inflation in January was above market expectations who estimated a figure around 6.1% or 6.2%, and well above the figure for January 2021, which stood at 1.6%, this as a result of the effects of the pandemic during 2020.

MONTHLY VARIATION (JANUARY 2022)

The Dane revealed that the monthly behavior of the Total CPI in January 2022 was 1.67% . The greatest variations occurred in the items of Clothing and footwear (4.03%)this as a result of the normalization in prices after the days without VAT in the last three months, food and non-alcoholic beverages (3.79%), followed by goods and services for the home and conservation (2.93 %), restaurants and hotels (2.40%) and transportation (1.85%).

For its part, the industry education did not record any variation.

According to the director of the entity, Juan Daniel Oviedo, the category of Information and communication had a variation of 0.13%, the second lower monthly variationl. This is because, in January 2022, the only price increase was registered by mobile telephony equipment, similar and repair (1.97%).

ANNUAL VARIATION (JANUARY 2021 TO JANUARY 2022)

The Dane reported that in January 2022, the annual variation of the total CPI was 6.94%, which was mainly explained by the annual variation of the items: food and non-alcoholic beverages and lodging, water, electricity, gas and other fuels.

Oviedo added that the sector non-alcoholic food and drinksoholics recorded the largest annual variation (19.94%). In January 2022, the highest price increases were recorded by potatoes (140.16%), edible oils (48.52%) and cassava (46.56%).

The restaurants and hotels (10.73%) and Furniture, household items and ordinary home maintenance (7.12%) divisions were also located above the national average (6.94%).

The information and communication sector was the only one that reported negative inflation (-11.84%).

THE AREAS OF THE COUNTRY WITH THE GREATEST VARIATION IN THE CPI

According to the statistical entity, the cities that registered highest data in january of 2022 were Ibagué, with an inflation of 2.39%, Riohacha with 2.37%, Pereira with 2.32% and Villavicencio, with a figure of 2.22%.

In contrast, the cities with the lowest inflation were Bogotá, with 1.53% and Sincelejo (1.48%), Cartagena (1.31%) and Pasto (1.29%).

With respect to annual variation of the CPIthe cities that contributed the most to inflation were Santa Marta (10.66%), Cúcuta (10.04%) and Popayan (9.75%).

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