The National Administrative Department of Statistics of Colombia (Dane) has released the Consumer Price Index (CPI) for February 2024, revealing a continued decrease in inflation. The current inflation rate stands at 7.74%, a significant drop from the 13.28% reported in the same month of the previous year.
In order to determine inflation, Dane meticulously analyzes the prices of over 400 items in the family basket by visiting various locations such as supermarkets, neighborhood stores, and market squares.
The main driver of inflation in February was education, as households typically invest in school-related expenses during this time of year. Piedad Urdinola, the director of Dane, commented on this trend, noting that it is a recurring pattern each February.
According to the Minister of Finance, Ricardo Bonilla, the government is effectively controlling inflation, which now stands at 7.74% year-on-year. This figure includes adjustments to the minimum wage, gas prices, toll fees, taxes on processed foods and sugary drinks, and education costs.
The latest data also revealed the most expensive and cheapest cities to live in Colombia based on inflation rates. Valledupar topped the list with a CPI variation of 10.13%, followed by Riohacha and Sincelejo. Conversely, Villavicencio was reported to have the lowest CPI at 5.57%.
In terms of monthly inflation variations, Tunja experienced the highest increase in February 2024 at 1.92%, followed by Riohacha and Bogotá. Meanwhile, coastal cities like Cartagena saw minimal variations in inflation rates.
Overall, the data provided by Dane offers valuable insights into the economic landscape of Colombia, highlighting the fluctuations in prices across different regions and cities.