Inflation increased due to multiple factors, namely expansionary economic policies (monetary and fiscal) during the pandemic that increased demand amid market shortages and trade restrictions, which raised transport costs, and Russia’s invasion of Ukraine, which raised energy and food prices.
What was the behavior of inflation in Colombia during this same period?
In Colombia, inflation rose more sharply than in other countries, rising from 1.6% in 2020 to 13.1% in 2022. High inflation has also been more persistent: although it fell to 9.3% in 2023, 5.2% in 2024, and 5.1% in 2025, it has remained above the levels of other economies and even increased in the first months of 2026 to 5.7%. This indicates the presence of additional internal factors that drive this behavior.
Related BanRep Blog: Colombian Inflation in the Global Context
After a prolonged period of price stability, global inflation rose in 2021 and 2022 to unexpectedly high levels, reaching an average of 8.7% in 2022. In advanced economies, average annual consumer inflation increased from 0.7% in 2020 to 7.3% in 2022, while in emerging and developing economies it rose from 5.3% to 9.7%...
