Inflation Report - March 2019

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La Constitución Política de Colombia y el artículo 14 de la Ley 31 de 1992 asignan al Banco de la República la función de administrar las reservas internacionales. Las opiniones y posibles errores son responsabilidad exclusiva del autor y sus contenidos no comprometen al Banco de la República ni a su Junta Directiva.

Autor o Editor
Equipo Técnico
Vargas-Herrera, Hernando
Subgerencia de Política Monetaria e Información Económica
González-Gómez, Andrés
Departamento de Programación e Inflación
Huertas-Campos, Carlos Alfonso
Cobo-Serna, Adolfo León
Caicedo-García, Édgar
Cárdenas-Hurtado, Camilo Alberto
Cote-Barón, Juan Pablo
Galeano-Ramírez, Franky
Martínez-Cortés, Nicolás
Rojas, Carlos Daniel
Pérez-Amaya, Julián Mauricio
Calderón-López, Luis Hernán
López, David Camilo
Salazar-Diaz, Andrea
Gaitán-Maldonado, Celina
Restrepo, Sergio
Parra-Amado, Daniel

In the Inflation Report, the Central Bank's technical staff analyzes the situation of the economy and inflation, and their mid and long-term outlook. Based on this, the staff provides insights to the Board of Directors on the recommended monetary policy stance.

Fecha de publicación

In March, inflation stood at 3.21% (graph A) and the average of core inflation indicators is 2.82%. These figures are lower than was expected a quarter ago and close to the 3.0% inflation target. The lower actual inflation versus the forecast is explained mainly by tradables (0.9%) and non-tradables excluding food and regulated items (3.29%). Factors such as the scarce pass-through of the depreciation of the peso to domestic prices, the indexation of some prices to inflation last December (3.18%), and the spare capacity of the economy explain much of this behavior. Similar to the expectations, the food CPI (3.26%) continued to accelerate, especially due to the group of perishable goods. On the contrary, regulated items (6.42%) increased more than had been projected due to the increase in the rates for public utilities. 

Boxes

Camilo Cárdenas Hurtado, David Camilo López

Edgar Caicedo García, Jonnathan Camilo Barriga Rojas

 

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