In June, the annual rate of inflation stood at 6.55 percent.
Not everyone is prepared to blame oil and food prices as the main culprit in the latest round of inflation. Some economists say the nation's monetary policy is also a major factor.
Eric Varga, an economic analyst, says the economy cannot continue to support the maintenance of negative real interest rates over the long term because this stimulates internal demand and promotes inflationary tendencies.
The increase in the month of October was 0.47%, which represents the largest monthly increase since May, the month which saw a 0.55%. rise.
According to a report released by the INEC, the five goods and services with the greatest contribution to the increase, two are regulated (water and transportation service) and two are agricultural products, which are closely related to climate conditions that affect supply (tomato and potato), and the fifth is coffee. Negotiated contracts for coffee in international markets have experienced a rise of more than 40% this year. Concerns about bad weather and outbreaks in major suppliers such as Vietnam and Colombia have influenced this increase.
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