Colombia reports inflation reduction in November

BOGOTA, Dec. 5 (Xinhua) -- Colombia's National Administrative Department of Statistics (DANE) reported on Saturday that the Consumer Price Index (CPI) registered a decline of 0.15 percent in November compared to the previous month, while the annual variation of the CPI was 1.49 percent.

"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," the agency said in a statement.

DANE pointed out that the inflation data shows "an important correction" with respect to October, when the annual CPI was 1.75 percent.

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 novel coronavirus (COVID-19) pandemic.

"In November 2020, the highest price increases were registered in the subclasses: meals in table-service and self-service establishments (0.33 percent); expenses in discos, bars, bar-restaurants, taverns, inns, and indoor and outdoor stores (0.25 percent); and meals prepared outside the home for immediate consumption (0.19 percent)," the report said.

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