Colombia's National Administrative Department of Statistics (Dane) reported that annual inflation for January 2026 stood at 5.35%, up 13 basis points from January 2025. Driven by lodging services, restaurants, and food, the figure slightly exceeded market expectations. This data will guide the Central Bank's monetary policy decisions.
The Dane released inflation data for January 2026, showing an annual consumer price index (CPI) variation of 5.35%, up from 5.22% in January 2025. The monthly variation was 1.18%, the highest for any January since 2023's 1.78%.
Key drivers included lodging with a 1.42 percentage point contribution, restaurants and hotels at 1.01 pps, and food at 0.96 pps. Sectors like education rose 7.36%, and transportation 5.79%, due to seasonal school fees and public transit fares.
Andrea Ramírez Pisco, Dane's deputy director, stated: “Meals outside the home like ‘corrientazos’, foods such as dairy and beef, pork, and chicken meats, and urban transport contributed 81 basis points to January's figure. Fruits also tend to rise from November to January. In contrast, imported legumes like lentils moderate this subcategory; however, the increase in bean prices ultimately pushed the CPI higher”.
By city, Pereira topped at 6.17%, followed by Bucaramanga (5.91%) and Manizales (5.63%). The lowest were Santa Marta (3.50%), Valledupar (3.86%), and Pasto (4.20%). Bucaramanga saw the highest monthly variation at 1.87%, driven by restaurant meals (0.48 pps) and urban transport (0.40 pps).
César Pabón, director of Economic Research at Corficolombiana, noted: “January's inflation rose due to higher food prices, many affected by the economic emergency like liquors, and services showing early effects of the minimum wage. The impact will be stronger in February and March”.
The figure fell short of the 5.4% average forecast from 25 analysts in the Citi survey. The Central Bank recently hiked its intervention rate by 100 basis points to 10.25%, amid unanchored inflation expectations and a 23% minimum wage increase. The Roasted Chicken Index averaged $41,576, down from December, hinting at food inflation slowdown, though restaurant costs pressure services.
