The cost of living in Colombia has continued to rise in recent months, with inflation breaking new records month after month. Prices were expected to begin to decline or ease in late 2022, but this would mostly be achieved in early 2023.
According to a report by Corficolombiana’s economic research team, Colombian inflation will remain higher than expected in 2023 due, among other things, to tax reform and the increase in the minimum wage next year.
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