Box 2: What Explains the Acceleration in the CPI for Non-Tradables, Excluding Food and Regulated Items?
Los análisis y pronósticos incluidos en este informe son producidos por el equipo técnico del Banco. Es la base principal sobre la cual se realiza la recomendación de política monetaria a la Junta Directiva del Banco de la República (JDBR) y por estas razones no refleja necesariamente la opinión de sus miembros.
Since July last year and after several quarters of steady declines, the annual change in the consumer price index (CPI) for non-tradables, excluding food and regulated items (NT-EFR), tended to stabilize up to November 2014, then adopted a rising trend that became more pronounced at the start of 2015 (Graph B2.1).This occurred at the same time as economic growth and aggregate demand experienced a setback and with an output gap that has entered negative territory, according to the estimates shown in Chapter 4 of this report.
