DANE reported that annual inflation in May reached 5.84%, driven by housing and food, placing the country with the third-highest cost of living in the region.
According to the National Administrative Department of Statistics, the annual variation of the Consumer Price Index in May was 5.84%. This figure marks the third consecutive increase and stands above the 3% target set by the Bank of the Republic. The housing, food, and restaurants and hotels divisions accounted for most of the result, contributing 1.4, 1.15, and 1.07 percentage points respectively. DANE detailed that fresh fruits rose 19.91% and beef 13.96% over the past year. The cost of living in Colombia is the third highest in Latin America, surpassed only by Venezuela and Argentina, and the second among OECD countries. The Bank of the Republic attributed the rise to minimum wage increases of 19% and 23% in the last two years.
