Sharp rise in inflation in May 2021: annual variation stood at 3.3%

In the same period of 2020, inflation reached 1.5%. Since 2009 there has not been such a strong rise in food, which registered a monthly variation of 5.37%.

The National Administrative Department of Statistics (Dane) revealed that in May 2021 there was a sharp rise in inflation: the Consumer Price Index (CPI) registered a monthly variation of 1% and an annual variation of 3.3%. In other words, accumulated inflation so far this year stands at 3.18%.

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The data is significantly older than a year ago. In May 2020, the monthly variation of the CPI was -0.32%, the annual variation of 2.85% and that of the current year 1.5%.

The report exceeded all estimates and projections: according to the Fedesarrollo survey, analysts expected on average that annual inflation would be 2.55% in May, and the Dane report reached 3.3%.

Food explains 88 of the 100 basis points of the monthly variation of inflation in May. This reflects the impact that the roadblocks have had in the framework of the national strike.

Since 2009 there has not been such a strong rise in food, which registered a monthly variation of 5.37%. In fact, according to Dane, food became more expensive during this year’s strike than during the national truckers strike in 2016.

Carrots (35.8%), potatoes (31.1%) and bananas (25.6%) were the foods that became more expensive (according to the monthly variation) in May 2021.

Popayán (4.5%), Florencia (4.02%) and Cali (2.77%) were the cities that registered the highest monthly variation in May 2021. According to the Dane, inflation practically doubled in these cities.

In Cali, it stands out that potatoes registered an increase of 116% (the category that contributed the most), tomatoes 86%, onion 71%, fresh fruit 20% and meat 16%.