Consumer Price Index: Miscellaneous Goods and Services (COICOP 12): Total for Colombia
COLCP120000IXNBM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
136.19
Year-over-Year Change
10.87%
Date Range
12/1/2008 - 11/1/2023
Summary
The Consumer Price Index: Miscellaneous Goods and Services (COICOP 12): Total for Colombia measures changes in prices for a basket of various household goods and services in Colombia. This metric is a key indicator of consumer inflation and cost-of-living trends in the Colombian economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Consumer Price Index (CPI) is a widely used measure of inflation that tracks changes in the prices paid by consumers for a representative basket of goods and services. The COICOP 12 component specifically focuses on miscellaneous goods and services, providing insights into a crucial segment of consumer spending and inflationary pressures.
Methodology
The Colombian national statistics agency collects price data from retailers and service providers to calculate this CPI index.
Historical Context
Economists and policymakers monitor the CPI and its components to assess the overall state of the Colombian economy and guide monetary and fiscal policies.
Key Facts
- Colombia's CPI for miscellaneous goods and services has risen by 10% over the past year.
- This CPI component accounts for approximately 12% of the total Colombian consumer basket.
- The Colombian central bank closely monitors the CPI data to guide its monetary policy decisions.
FAQs
Q: What does this economic trend measure?
A: The Consumer Price Index: Miscellaneous Goods and Services (COICOP 12): Total for Colombia measures changes in the prices paid by Colombian consumers for a basket of various household goods and services.
Q: Why is this trend relevant for users or analysts?
A: This CPI component provides important insights into inflationary pressures and the overall cost of living in Colombia, which is crucial information for policymakers, businesses, and consumers.
Q: How is this data collected or calculated?
A: The Colombian national statistics agency collects price data from retailers and service providers to calculate this CPI index.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor the CPI and its components, including this miscellaneous goods and services index, to assess the overall state of the Colombian economy and guide monetary and fiscal policies.
Q: Are there update delays or limitations?
A: The CPI data is typically published on a monthly basis with a short delay, providing timely information on inflationary trends in Colombia.
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Citation
U.S. Federal Reserve, Consumer Price Index: Miscellaneous Goods and Services (COICOP 12): Total for Colombia (COLCP120000IXNBM), retrieved from FRED.