Colombia retains second-highest inflation in OECD

Colombia recorded an annual inflation rate of 5.8% in May 2026, the second highest among the 38 OECD member countries, only behind Turkey's 32.6%. The OECD average rose to 4.6% in May, driven by a 15.8% surge in energy prices Source: Portafolio. Food inflation across the bloc continued to moderate to 3.6% Source: Infobae.

Colombia's outlook

Market expectations point to a further acceleration in June, with the Citi survey estimating inflation could reach 6.08%—the first time above 6% since August 2024 Source: El Colombiano. Analysts cite domestic demand, housing and utility costs, minimum wage indexation, and potential El Niño effects as upward pressures Source: La República. The Bank of the Republic recently raised its policy rate by 75 basis points to 12% to counter persistent inflation Source: La República.

OECD trends

Among the G7, Canada, France, Italy, and the US saw overall inflation rise, while Germany's rate fell. Japan remained the G7's lowest at 1.5% Source: Infobae. In the euro area, inflation increased to 3.2% in May but preliminary data suggest a drop to 2.8% in June Source: Portafolio. The energy price spike occurred before the US-Iran ceasefire agreement on June 17, which has since led to a significant oil price decline Source: Infobae.