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Son las estimaciones que hacen los agentes de la economía (hogares, empresas, inversionistas y expertos) sobre el nivel futuro de inflación. Si creen que los precios subirán un 3%, ajustan sus decisiones, es decir, negocian salarios, contratos y precios con base en esta cifra. Esto puede hacer que…

Inflation expectations in Colombia are characterized. Empirical evidence following conventional tests suggests that they might not be rational, although the period of disinflation included in the sample makes it difficult to ascertain this conclusion. Inflation expectations display close ties with…

In 2010, the annual CPI variation was 3.17%, this figure being close to the midpoint of the inflation target range (between 2% and 4%) fixed for this year by the JDBR, the Board of Directors of Banco de la Republica, the Central Bank of Colombia. In the past quarter, the so-called “La Niña”…

At the end of 2012 annual inflation stood at 2.4%, lower than the long-term target (3%) and within the year’s target range (2%-4%) (Graph A). Fourth-quarter inflation results were lower than average market expectations and also below the rates expected by Banco de la República’s technical staff.…

In June 2012 annual inflation stood at 3.2%, down by 20 basis points (bp) from the figure of March, resuming its downtrend after remaining relatively stable in April and May. From March to June, year-on-year change in the consumer price index (CPI) for food fell from 4.6% to 4.2%, accounting for…

External demand during the first half of 2013 was somewhat weaker than expected. In the United States, our largest trading partner, the increase in private spending is being offset partly by fiscal consolidation, which has led to a slight decline in the forecast for that country’s growth. The…

In March 2012, annual inflation was 3.4%. This is 15 basis points (bp) less than the rate recorded in December (Graph A). A decreasing trend in annual inflation started in October, when inflation reached its highest level in 2011 (4.0%).

In September 2012 annual change in the consumer price index (CPI), core inflation measures, expectations at different horizons and inflation forecast for December stood around the mid-point of the target range (3%). At the end of the third quarter annual inflation stood at 3.08%, down by 12…

The information available up to the third quarter of 2013 shows a global economy that is recovering slowly. The United States economy is growing at a moderate pace and the economy in the euro zone, although weak, shows some signs of improvement. Growth is mixed in the large emerging countries in…

Presentation (Only Available in Spanish) Infla

Inflation Developments and Monetary Policy Decisions  

The Board of Directors of Banco de la República reiterates that its inflation target is 3.0%, within a range between 2.0% and 4.0%. The Board will continue to carefully monitor the behavior of inflation and the forecasts for inflation and economic activity in the country, as well as the…

At a meeting today, the Board of Directors of the Central Bank of Colombia set the inflation target for 2009 within a range of 4.5% to 5.5%, with the specific target for legal purposes being 5%.  It also set the mid-point of the inflation target-range for 2010 at 4% and is confident that…

At a meeting today, the Board of Directors of Banco de la República set the inflation target range for 2008 at 3.5% to 4.5%, with 4% as the specific target for legal effects. This decision is consistent with the announcement in November 2006.It also decided the midpoint for target inflation in 2009…

After decades using monetary aggregates as the main instrument of monetary policy and having different varieties of crawling peg exchange rate regimes, Colombia adopted a full-fledged inflation-targeting (IT) regime in 1999, with inflation as the nominal anchor, a floating exchange rate, and the…

Programa Lunes 14 de enero 9:00 - 10:30 AM. Lavan Mahadeva - Bank of England Tema: Inflation Trageting in the United Kingdom: What does it mean for the Central Bank For