The Consumer Price Index (CPI) closed 2023 at 9.28%, which means a decrease of 3.84 percentage points compared to 2022 when the figure reached 13.12, while in the month of December last year The variation was 0.45% compared to 1.26% in the same month of the previous year, with a reduction of 0.81%, revealed the National Administrative Department of Statistics (DANE).
The reduction complies with the projections of the Ministry of Finance and the Bank of the Republic, which had foreseen single-digit inflation at the end of 2023, around 9.5%, meaning that inflation closed below that expectation.
According to DANE, this downward behavior of inflation was mainly due to the annual variation of the Accommodation, water, electricity, gas and other fuels and Transportation divisions.
In the last year, the divisions Transportation (15.42%), Restaurants and hotels (13.22%), Alcoholic beverages and tobacco (11.95%), Education (11.41%), Miscellaneous goods and services (10. 08%) and Health (9.49%) were above the national average (9.28%).
Meanwhile, the divisions Accommodation, water, electricity, gas and other fuels (9.26%), Furniture and household items (8.94%), Recreation and culture (7.10), Clothing and footwear ( 5.23%), Food and non-alcoholic beverages (5.00%) and Information and communication (0.12%) were below the national average.
Variation in December 2023
Last December, the greatest contributions to the annual variation of the Total CPI were recorded in: vehicle fuels with 1.14 (pp), rental (0.95 pp) and meals in table service and self-service establishments (0.91 pp). The lowest contributions were: bananas (-0.08 pp), onion (-0.06 pp) and edible oils (-0.06 pp)
The monthly behavior of the total CPI in December 2023 (0.45%) was mainly explained by the monthly variation of the divisions: Accommodation, water, electricity, gas and other fuels, as well as Restaurants and hotels. The greatest variations occurred in the Restaurants and hotels (1.50%) and Accommodation and services (0.86%) divisions.
In December 2023, the largest price increases were recorded in the subclasses: garbage collection (3.68%), electricity (3.51%) and rent (0.53%). The only price decrease was reported in the subclass, materials for housing conservation and repair (-0.14%).
The Food and non-alcoholic beverages division registered a monthly variation of -0.42%, while the largest price decreases occurred in tree tomatoes (-12.58%), fresh fruits (-6.94%) and bananas (-5.75%). The largest increases were in carrots (11.86%), prepared meats, other meat products (2.88%) and other precooked and prepared foods (2.74%).
Source: Presidency of the Republic
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