Colombia’s National Administrative Department of Statistics (DANE) reported on that the Consumer Price Index (CPI) registered a decline of 0.15 per cent in November compared to the previous month, while the annual variation of the CPI was 1.49 per cent.
“In November 2020, the annual variation of the CPI was 1.49 percent, that is, 2.35 percentage points lower than what was reported in the same period of the previous year, when it was 3.84 percent,” Xinhua news agency quoted the Department as saying in a statement on Saturday.
DANE pointed out that the inflation data shows “an important correction” with respect to October, when the annual CPI was 1.75 per cent.
According to the agency, events that influenced the reduction in inflation were the Day without VAT (value added tax), part of a government attempt to reactivate the economy in the midst of the coronavirus pandemic.
“In November 2020, the highest price increases were registered in the subclasses: meals in table-service and self-service establishments (0.33 per cent); expenses in discos, bars, bar-restaurants, taverns, inns, and indoor and outdoor stores (0.25 per cent); and meals prepared outside the home for immediate consumption (0.19 per cent),” the statement added.
Last month, the DANE had announced that the country’s gross domestic product in the third quarter of 2020 dropped 9 per cent year-on-year following the Covid-19 pandemic.
As of Sunday, Colombia’s overall coronavirus caseload and death toll stood at 1,362,249 and 37,633, respectively, according to the Johns Hopkins University.