Colombia, among countries with the highest and most static inflation in the OECD

Colombia, among countries with the highest and most static inflation in the OECD

Recently, the Organization for Economic Cooperation and Development, OECD, published its balance on inflation in the 38 countries that comprise it. He stressed, in principle, that in most prices decreased.

(Read: Winners and losers with inflation of 13.12% in 2022).

This was not the case in Colombia, which had one of the highest and most static inflation rates among OECD members. The average inflation of the organization is 10.3%. Until November it is 12.5% ​​in our country, which is the figure they took into account.

Finally, Dane revealed that annual inflation for 2022 was 13.12%. That is, half a percentage point more.

Falls in inflation were recorded between October and November in 25 of the 38 OECD countries. Nevertheless, inflation increased by at least 0.5 percentage points in Chile, the Czech Republic, Finland, Hungary, the Slovak Republic and Sweden. The highest year-on-year inflation rates were recorded in Estonia, Hungary, Latvia, Lithuania and Turkey (all above 20%)“, explained the organization.

(Read: Colombia’s GDP will slow to 1.3% in 2023, says the World Bank).

The OECD, for its part, highlighted that the price of energy, on average, managed to return to the levels of 2021. This It would be what has driven the rise in prices the most along with the cost of food.

“Energy inflation continued to fall in the OECD to 23.9% in November, after 28.1% in October, reaching its lowest rate since September 2021. However, it remained above 10% in 34 of all 38 OECD countries and above 30% in 14 of them. Energy inflation decreased in most OECD countries, increasing only in the Czech Republic, Finland, Slovenia and Sweden. Food inflation remained stable at 16.1%, while inflation excluding food and energy fell marginally to 7.5% in November,” they point out.

Colombia compared to other OECD countries

The country ranked tenth with the highest inflation. It is 2.2 percentage points above the OECD average, taking into account the registration of Colombia for November 2022.

(Also: Prices continue to exceed forecasts: adjustments to be expected).

Furthermore, it wasThe few countries that did not register a decrease in their figures. The list is led by Turkey, with 84.4%, followed by Lithuania with 22.9%; third Hungary that registered 22.5% and Latvia with 21.8%. In the case of Latin America, Colombia would be the second with the highest figures; only surpassed by Chile with 12.5%; and in third place would be Costa Rica, which scored 8.3%.

“LFood and energy inflation remained the main contributor to headline inflation in France, Germany, Italy, and Japan, while non-food and energy inflation was the main driver of inflation in Canada, the United Kingdom, and the United States. United (…) Outside the OECD, year-on-year inflation decreased in Brazil, China, India, Indonesia, Saudi Arabia and South Africa, and only increased in Argentina”, concludes the report.


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