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Prices and costs

Consumer Price Index: Main Results October 2022 (Colombia and Bogota)

Monthly, year-to-year and annual variation of the Consumer Price Index for Bogota and Colombia (CPI) in October 2022

Period	Month variation	Year-to-date variation	Annual variation
Colombia	Bogota	Colombia	Bogota	Colombia	Bogota
oct-21	0,01	0,01	4,34	3,65	4,58	3,70
oct-22	0,72	0,68	10,86	10,14	12,22	11,16

Source: DANE - Consumer Price Index (CPI).

Between September and October 2022, prices varied by 0.72% for Colombia and 0.68% for Bogotá.

So far in 2022, the inflation of the national total was 10.86%; this figure is 0.72 percentage points higher than that of Bogota, which was 10.14%.

Banco de la República projected that inflation at the end of 2022 would be 9.7% in its July 2022 monetary policy report. This means that in nine months 111.9% of what the issuer projected for the whole year has been achieved.

Source: DANE, IPC

Annual variation of the Consumer Price Index by income level in October 2022

It is important to remember that the UVT increases according to the annual inflation of the middle class category, so the increase of 12.4%, takes on an important relevance in the changes that the new tax reform will bring.

The lower the income level of the population, the higher the increase in prices, with the exception of the poor and vulnerable group, which face very similar price levels.

Therefore, people classified as poor by DANE face 3.5 percentage points more in the annual price increase than those classified as high-income.

When comparing the monthly variation, according to income levels, people belonging to vulnerable and poor groups faced a monthly increase of 0.80% and 0.76%, being the highest among the 4 groups.

Monthly variation of the Consumer Price Index by expenditure division

In the month of October, the price increase in food and non-alcoholic beverages stands out, together with Transportation, spending divisions that presented 1.21% and 1.09% in the country.

In Bogota, the increase in Recreation and Culture stands out with 1.22%, together with food and non-alcoholic beverages with 1.17%.

A deceleration of the increase in the prices of electricity services in the country is evidenced; those contributed 0.06 p.p. to the monthly variation in October. The city with the highest increase in the price level of these was Cali (4.69%), and the one with the lowest growth was Popayán (-1.44%). The increase in Bogota was 0.9 p.p. less than the national average.

Source: DANE - CPI

City-to-city inflation comparison in August 2022

The city with the highest monthly variation in prices was Sincelejo; price increases are explained by the increase in the cost of urban transportation and cheese and related products.

The city with the lowest variation in its price level was Barranquilla; Bogota had a 0.39 p.p. higher increase than Barranquilla.

The expenditure subdivisions with the highest contribution in Bogota were potatoes (13.17%), water supply (3.09%), and private vehicles (2.20%)

Source: DANE - CPI

Annual Variation

Source: DANE - IPC.

Global Context

Country	Interest rate
Brazil	13,75%
Chile	11,25%
Colombia	11,00%
Uruguay	10,75%
Mexico	9,25%
Costa Rica	9,00%
Paraguay	8,50%
Peru	6,93%
China	3,65%
United States	3,00%-3,25%

*Intervention rates reported in October by central banks.

The monetary policy intervention rate is the minimum interest rate that Banco de la República charges financial institutions for loans made to them. This rate is the main monetary policy intervention mechanism used by central banks to control inflation.

As can be seen, the interest rate has a tendency to react subsequently to inflationary peaks, so it is expected that, if inflation is not controlled at 12 months, interest rates would continue to rise. Source: Banco de la República.

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