Price adjustments in Latin America have been moving in very different directions, and this contrast allows us to better understand why some countries are already showing signs of controlling inflation while others remain trapped by persistent increases. In this uneven map, Colombia again appears among the countries with the highest inequalities, at a time when economic debate revolves around purchasing power and the decisions that will be made for the coming year.
The new Danish number, corresponding to October, did not go unnoticed. The Consumer Price Index closed at 5.51%, which represents the highest point during the year and extends the upward trend that began in mid-2025. In June, the figure reached 4.82%, in July it reached 4.90%, in August it reached 5.10%, and in September it reached 5.18%. Month after month, the index gains momentum, until it is completely far from the goal of Jumhouria Bank, which maintains its annual target at 3%.
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In the reading of many analysts, the problem is not limited to a specific collapse, but rather in dynamics that feed on themselves. Cesar Pabon, head of economic research at Corvico Colombia, told the newspaper Republic This part of the phenomenon responds to “the inertial effect and the inflation index itself, which is evident, for example, in services (rents, meals outside the home).” For him, this behavior will be a central element in the “next minimum wage debate,” a negotiation that historically reflects tensions between past inflation, future expectations, and productive capacity.
This debate is already marked by a sore point: the proposal put forward by the government, which expects an increase of close to 11%, five points above the latest inflation rate. For some economists, such as Luis Alberto Villamarin, the danger is clear. He stated in the aforementioned newspaper that before announcing increases, the executive authority must consult with the business sector, because “by raising the minimum wage above inflation, it will make the trend of this number continue to rise. It will also reduce the productive capacity of companies because there will be layoffs.”
Other experts, such as Carlos Sepulveda, director of SCORE Universidad del Rosario, focus on monetary policy. In his view, the country is “still in the process of stabilizing towards an inflation target that has not been achieved” and this means that the Bank of the Republic is maintaining a cautious stance, perhaps pausing interest rate cuts or even considering a slight increase to avoid destabilizing expectations.
As Colombia tries to get back on track, a regional comparison helps quantify the overall landscape. Venezuela remains the most serious case. Although no recent official data is available, trade economics figures point to 172% inflation as of April. The International Monetary Fund expects it to close this year at 269.9% and rise to 682.1% in 2026. For the same period, the organization expects the Venezuelan economy to grow by just 0.5% in 2025, and to decline by 3.0% in 2026.
Argentina ranks second in the region with 31.8%, followed by Bolivia, where the figure reached 22.2%, 1.1 points lower than the previous month. There, the monthly variation of the CPI was 0.8% and cumulative inflation in 2025 was 19.2%.
Here is a group of countries with more moderate but still high pressures compared to their targets: Brazil (5.17%), Uruguay (4.32%) and Paraguay (4.10%). In another range, with more stable indicators, there are Guyana (3.8%), Mexico (3.57%) and Chile (3.4%). At the bottom of the list were Peru and Ecuador, which showed behavior much closer to normal, with rates of 1.4% and 1.24%, respectively.
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