The May data from the Consumer Price Index (CPI) triggered alarms among analysts regarding the stagnation of inflation in Colombia. According to the latest report presented by Dane, the figure was 7.16%, which means that the variation in the cost of living did not register major changes.
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The statistical entity indicated that the results for the fifth month of the year respond to factors such as increases in the price of gasoline and indexation in leases, as well as the positive variations that are evident in the food division.
Although inflation continues its downward path, entering a ‘stand-by’ scenario confirms the need to continue adding efforts so that this indicator moves, at a faster pace, to reaching the target figures. which aim to reach 5% by the end of 2024 and 3% by mid-2025.
Now, the behavior of prices and the cost of living has remained the focus of economic discussion in recent years. This after the indicators skyrocketed in several countries in the region as a result of the pandemic.
Considering the most recent data, How is Colombia’s CPI in relation to other Latin American nations?
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This is how inflation moves in Latin America
The starting point of this analysis is Brazil. According to the report of the Brazilian Institute of Geography and Statistics (IBGE), in May, The annual variation of inflation in that country reached 2.27% and in the last 12 months at 3.93%.
The IBGE noted that this result was driven by food prices and the impact of the floods registered in the south of the Brazilian territory.
On the other hand, the National Institute of Statistics of Chile (INE) andThe accumulated CPI for the year was in the fifth month of the year at 2.4%; while the interannual figure reached 4.1% and the monthly figure reached 0.3%.
Inflation AFP
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The INE explained that the increases in transportation and clothing and footwear, and the decrease in housing and basic services, significantly impacted last month’s figure.
Turning to Peru, the price index recorded a new drop in May. The indicator registered 2.0% in the last 12 monthswhich keeps it within the goal established by the Peruvian central bank, which is in a range between 1% and 3%.
As for Ecuador, annual inflation closed the month of May with 2.53%, which represents an increase of 0.56 percentage points compared to the same month last year. For its part, the monthly variation was -0.12%.
In the case of Mexico, prices continue to rise. The most recent data from the National Consumer Price Index (INPC) It stood at 4.69% in its annual variation.
In this way, the indicator registers, for the third consecutive month, an acceleration. The push came from the increase in the prices of services and agricultural products, according to the Mexican National Institute of Statistics.
On the Argentine side, the results for the month of May have not yet been revealed. However, the Government aims for the figure to be below 5% monthly.
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