Consumer Price Index: OECD Groups: Services: Total for Colombia
COLCPGRSE01GPQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.40
Year-over-Year Change
997.57%
Date Range
4/1/1995 - 7/1/2023
Summary
The Consumer Price Index (CPI) for Services: Total in Colombia tracks changes in the cost of a broad basket of consumer services, providing a key measure of inflation 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 CPI for Services: Total in Colombia is a comprehensive indicator of price changes for a range of consumer services, including categories like housing, utilities, transportation, and recreation. It is a widely followed metric for assessing broader price trends and the purchasing power of Colombian consumers.
Methodology
The data is collected through a survey of households and businesses across Colombia.
Historical Context
The CPI for Services is a crucial input for economic policymakers and central bank decisions regarding interest rates, exchange rates, and monetary policy.
Key Facts
- The base year for the Colombian CPI for Services is 2018.
- Services account for around 40% of the overall CPI basket in Colombia.
- The CPI for Services has shown relatively steady annual growth of 3-5% in recent years.
FAQs
Q: What does this economic trend measure?
A: The Consumer Price Index (CPI) for Services: Total in Colombia tracks changes in the prices of a wide range of consumer services, providing a comprehensive measure of inflation in the service sector.
Q: Why is this trend relevant for users or analysts?
A: The CPI for Services is a crucial indicator for understanding broader price and inflationary pressures in the Colombian economy, which is helpful for policymakers, businesses, and consumers.
Q: How is this data collected or calculated?
A: The data is collected through a survey of households and businesses across Colombia.
Q: How is this trend used in economic policy?
A: The CPI for Services is a key input for the Central Bank of Colombia in setting monetary policy, such as interest rates, to manage inflation and support economic stability.
Q: Are there update delays or limitations?
A: The CPI for Services data is typically released on a monthly basis with a short lag, providing timely information on service sector price trends.
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Citation
U.S. Federal Reserve, Consumer Price Index: OECD Groups: Services: Total for Colombia (COLCPGRSE01GPQ), retrieved from FRED.