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Author(s) / Editor(s): 
  • Equipo Técnico
  • Vargas-Herrera, Hernando
  • Subgerencia de Política Monetaria e Información Económica
  • González-Gómez, Andrés
  • Departamento de Programación e Inflación
  • Huertas-Campos, Carlos Alfonso
  • Cobo-Serna, Adolfo León
  • Caicedo-García, Édgar
  • Cárdenas-Hurtado, Camilo Alberto
  • Cote-Barón, Juan Pablo
  • Galeano-Ramírez, Franky
  • Martínez-Cortés, Nicolás
  • Rojas, Carlos Daniel
  • Pérez-Amaya, Julián Mauricio
  • Calderón-López, Luis Hernán
  • López, David Camilo
  • Salazar-Diaz, Andrea
  • Gaitán-Maldonado, Celina
  • Restrepo, Sergio
  • Parra-Amado, Daniel

Inflation Report - March 2019

In the Inflation Report, the Central Bank's technical staff analyzes the situation of the economy and inflation, and their mid and long-term outlook. Based on this, the staff provides insights to the Board of Directors on the recommended monetary policy stance.

Publicado el: 
Monday, 20 May 2019

In March, inflation stood at 3.21% (graph A) and the average of core inflation indicators is 2.82%. These figures are lower than was expected a quarter ago and close to the 3.0% inflation target. The lower actual inflation versus the forecast is explained mainly by tradables (0.9%) and non-tradables excluding food and regulated items (3.29%). Factors such as the scarce pass-through of the depreciation of the peso to domestic prices, the indexation of some prices to inflation last December (3.18%), and the spare capacity of the economy explain much of this behavior. Similar to the expectations, the food CPI (3.26%) continued to accelerate, especially due to the group of perishable goods. On the contrary, regulated items (6.42%) increased more than had been projected due to the increase in the rates for public utilities. 

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