Colombia 12-month inflation edges up more than expected in August
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People select food while shopping at a supermarket in Bogota, Colombia, December 1, 2024. REUTERS/Luis Jaime Acosta
BOGOTA, Sept 7 (Reuters) - Colombia's consumer prices rose 0.39% in August, the country's DANE statistics agency said on Monday, taking annual price growth to 6.24%.
The August figure was above the 0.26% median forecast of analysts polled by Reuters, and higher than the 0.17% recorded in July.
Annual inflation edged up from 6.03% in July and came in just above the 6.10% forcast by analysts.
Inflation remains well above the central bank's target of 3% plus or minus one percentage point.
The monthly increases were led by recreation and culture, information and communication, and food and non-alcoholic beverages. Prices for clothing and footwear dipped slightly, while education and transport showed the lowest increases.
Latin America's fourth-largest economy is facing deteriorating fiscal accounts due to declining revenues and rising spending. The government of right-wing President Abelardo De La Espriella, who took office last month, is seeking to build a governing coalition from a fragmented right-wing in order to secure a majority in Congress, where the leftist Historic Pact bloc has the largest number of seats.
(Reporting by Luis Jaime Acosta and Nelson Bocanegra; Writing by Natalia Siniawski; Editing by Fabiola Aramburo)
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