Inflation Report - March 2019

Gerencia Técnica; 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, Edgar; 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-Ángel, Sergio; Parra-Amado, Daniel

Inflation Report - March 2019

Inflation Report - March 2019 (1.69 MB)

Box 1. The Process of Adjusting and Expanding the Current Account Deficit. (152.7 KB)

Box 2. Possible Upward Pressures on Electricity Rates. (72.71 KB)

Inflation Report - March 2019

Date published

2019-05-20

ISSN

2145 - 6526

Document language

eng

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Las opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.

The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.

Abstract

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 passthrough 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.
Box 1.The Process of Adjusting and Expanding the Current Account Deficit. Authors: Camilo Cárdenas Hurtado, David Camilo López
Box 2. Possible Upward Pressures on Electricity Rates. Authors: Edgar Caicedo García, Jonnathan Camilo Barriga Rojas