Like other countries in the world, Colombia was not spared from the difficult economic outlook that marked 2022 and that had its effects on inflation. According to the National Administrative Department of Statistics (Dane), it reached 13.12 percent at the end of the yearexceeding the estimates of the market and the National Government.
A similar level of inflation has not been registered in the country since March 1999 when it reached 13.51 percent. What contributed the most to the fact that the data skyrocketed were prices of food and non-alcoholic beverageswhich increased 27.81 percent throughout the year.
(Also read: Inflation in Colombia reached a maximum of 13.12% in 2022)
The figure of 13.12 percent places Colombia as the third country in Latin America with the highest inflation. It is only surpassed by Venezuela and Argentina.
in the neighboring country inflation reached 305.7 percent at the end of 2022, according to the Venezuelan Finance Observatory (OVF), an independent entity made up of economic experts. The data accelerated in December to reach 37.2 percent, and it becomes the highest increase in the last 22 months.
In Argentina, for its part, the cost of living has increased 92.4 percentalthough this figure is as of November 2022. The data for the entire year will be known in the coming days, but preliminary estimates indicate that it would have closed at 95 percent.
Inflation in Latin America
In fourth position is Chile, after it was learned this Friday that it reached 12.8 percent, within market expectations and the highest since 1991. As in Colombia, what contributed the most to the rise were the prices of food and non-alcoholic beverages, in addition to recreation and culture, and the drop in transportation.
Below Chile are Peru (8.46 percent – the highest in 26 years), Uruguay (8.29 percent) and Paraguay (8.1 percent). As for Mexico, in the first half of December general inflation stood at 7.77 percent.
(Also read: Get ready: these are the ones that rise 13.12% due to pocket inflation)
A minor data emerged from Brazil throughout 2022, it was 5.7 percent, well above the forecast for the year. In Ecuador, the cost of living rose 3.64 percent in Novemberthe same as in Bolivia where it is 3.2 percent.
The Economic Commission for Latin America and the Caribbean (Cepal) expects that in 2023 there will be lower inflation, of 6.5 percent, which could carry out moderate interest rate increases by central banks.
«Balance the challenges imposed in the short term by macroeconomic restrictions requires boosting sustainable growth, generate quality employment and reduce poverty«said José Manuel Salazar, executive secretary of ECLAC.
