Latin American Economic Comment: Colombia Jun CPI: Pressures on core and food take 12m headline inflation above 6%

Research evidence excerpt

Latin American Economic Comment: Colombia Jun CPI: Pressures on core and food take 12m headline inflation above 6%

Global Research

8 July 2026ab

Latin American Economic Comment Economics

AmericasColombia Jun CPI: Pressures on core and food

take 12m headline inflation above 6% Andrea Casaverde

Economist

andrea.casaverde@ubs.com

+1-203-713-2515

12m headline inflation at 6.14% in Jun Rafael De La Fuente

Monthly inflation came in at 0.39%, slightly above consensus and our own expectation Economist

at 0.37%. With this number, 12m headline inflation edged up from 5.84% to 6.14%; rafael.delafuente@ubs.com

+1-203-719 7127

meanwhile, core inflation stood at 6.00%, level not seen since mid-2024.

Roque Montero

Mostly a food-driven surprise, with core still running high on a sequential basis Strategist

roque.montero@ubs.com

Relative to our numbers, we saw stronger than expected food prices which more than +1-203-719 2112

compensated a slightly better print in key core services items such as rents and

recreation. Going through the main CPI groups, food inflation reached 6.83% on a 12m

basis, mainly on account of sequential pressure from fresh food components such as

potatoes and onions (up 9.85% and 12.18% m-o-m, respectively). Meanwhile, and

despite the stability in fuel prices in June (given the government's decision to pause the

adjustment in fuel prices at the pump), energy items in the CPI basket posted a positive

12m variation for the first time since Jan (1.39%), reflecting the upward adjustment in

electricity fares and domestic gas prices nationwide. Moving to core, as mentioned

before, while we saw slightly better numbers in key components such as rents and

recreation items, core services inflation continued to edge up in Jun and reached 7.05%

on a 12m basis.