2024-09-08 08:18:20
The National Administrative Department of Statistics (DANE) announced that the Consumer Price Index (CPI) showed a monthly variation of 0.00% in August 2024.
This monthly report has been one of the most significant in the recent economic context, marking a pause in price growth compared to previous months.
Annual downward variation: 6.12% compared to 11.43% of the previous year
According to Piedad Urdinola, director of DANE, the annual variation of the CPI was 6.12%, which represents a significant reduction of 5.31 percentage points. compared to August 2023, when the variation reached 11.43%. This decrease in annual inflation reflects the success of some economic policies adopted in the last year, which have managed to contain the increase in prices in various key sectors of the economy.
The official DANE statement explained that the monthly variation of the CPI of 0.00% was mainly attributed to the Food and non-alcoholic beverages divisions (-0.68%), Information and Communication (-0.40%), Accommodation, water, electricity, gas and other fuels (0.30%), and Restaurants and hotels (0.31%). These divisions were the most influential in price stability during the month of August.
Within the food category, potatoes, an essential product in the Colombian family basket, led the declines with a drop of -10.59% in price, followed by tree tomatoes (-9.79%) and onions (-9.08%). These reductions stood out as the most significant contributions to the monthly variation, with potatoes being the product with the lowest contribution to inflation, with -0.07 percentage points.
On the other hand, the largest increases in the food sector were recorded in products such as concentrates for soft drinks (7.76%), gelatins and powdered flans (7.11%) and sweets and confectionery (6.16%).
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The Information and Communication sector recorded a monthly decrease of -0.40%, driven mainly by the fall in the price of mobile telephone equipment and its repairs, which decreased by 6.54%. This decrease in technological costs continues to be a positive trend for consumers.
Accommodation, water, electricity, gas and other fuels
The Accommodation, water, electricity, gas and other fuels division, for its part, showed a slight monthly increase of 0.30%. Although gas prices increased by 3.61%, other sub-categories such as electricity and garbage collection experienced reductions of -1.45% and -1.15%, respectively, alleviating the economic burden on Colombian households.
In terms of annual variation, the Education division led with an increase of 10.60%, with increases in secondary education (12.90%) and preschool and basic primary education (12.09%) standing out. This contrasts with other divisions such as Recreation and Culture, which reported a negative annual variation of -1.21%, driven by the decrease in the prices of information processing equipment and hardware (-15.62%) and complete tourist packages (-12.22%).
The Restaurants and Hotels sector also recorded a significant increase of 8.85% in the annual variation, driven by increases in the price of hot drinks and food service in establishments.
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