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Potatoes are up 78% but add less to inflation than rent, up 5%. That math explains why Colombia's inflation is so hard to bring down.

Rents and airfares climbed while goods prices fell for the first time since 2024, and Bancolombia still sees inflation ending 2026 at 6.7%.

Services contributed 57% of August's price rise as minimum-wage indexation spread, Bancolombia's economists say.

Potatoes jumped 8.5% in August as perishable food costs hit a 9.32% annual pace amid disasters.

Bancolombia's June tracker points to flat monthly food prices and a 6.12% annual rate as tuber and onion spikes offset seasonal declines.

Perishable food prices dropped 0.09%, fresh fruit climbed 2.38%, with grapes up 12.25%, plantains 3.72%, carrots 9.93%, oranges 6.12%.

In contrast to the year 2021 that ended with inflation of 5.62%, in 2022, historically high annual inflation was recorded for Colombia of 13.12%, that is, 7.5 points higher than the previous year, a peak level that had not been registered since 1999, 23 years ago. The...

While still in line with central bank projects, the uptick brings year-over-year inflation to its highest level since February.

The decision to maintain the current rate was approved unanimously by all seven members of the board of the Banco de la República.

While this was just 0.01% below the rate recorded in March, this represents the fifth straight month of decline.