Colombia’s average monthly inflation rate was 10.5% in 2022 after a two-year increase in consumption prices.
Last year’s inflation rate was the highest of the 21st century and attributed to the COVID pandemic and war in Europe, which has affected global supplies.
The recent inflation has disproportionately affected the poor as mainly the prices of basic food products have been affected by the inflation.
Inflation in Colombia was particularly high between the 1970’s and 1990’s, but dropped to levels compared to global rates in the beginning of the 20th century.
After years of relative stability, consumer prices soared again in 2015 as a consequence of a global commodity crisis, which triggered a collapse of the peso.
The most recent price hikes also coincide with the devaluation of Colombia’s currency as a consequence of the 2020 COVID pandemic and war in Europe that broke out in 2021.
