Colombia’s annual inflation rate rose to 6.14% in June, crossing the 6% threshold for the first time since August 2024 and ending a 22-month stretch below that level. The 1.32 percentage-point jump from a year earlier, reported by the national statistics agency DANE, was driven largely by food and housing costs. Monthly inflation stood at 0.39%, with onions, tree tomatoes, and potatoes posting double-digit price increases, while plantains and cassava declined. The data confirm a re-acceleration that has pushed the cost of living further from the central bank’s 3% target, with year-to-date inflation reaching 4.77%.

Viewed from Bogotá, the composition of price rises reveals structural pressures. Restaurants and hotels recorded the highest annual increase among divisions at 9.59%, followed by health at 8.39% and education at 7.57%. Analysts in the region point to the indexation of the minimum wage, elevated fertiliser and transport costs, and regulated utility price adjustments as persistent drivers. The impact is regressive: food and housing weigh heaviest on low-income households, and cities such as Bucaramanga, Pereira, and Medellín registered inflation rates near or above 7%.

In contrast, Sweden’s consumer price index with a fixed interest rate (KPIF) fell to 1.3% in June from 1.5% in May, according to Statistics Sweden, as food and non-alcoholic beverage prices dropped 6.8% year-on-year. Excluding energy, the rate eased to 0.4%. The reading was slightly below market expectations and keeps inflation well under the Riksbank’s 2% target. Meanwhile, Taiwan’s CPI spiked to a 17-month high of 2.60% in June, pushed by fuel, airfares, and vegetable prices after heavy rain. However, the central bank governor in Taipei said international crude oil prices had fallen to near US$70 per barrel, and he expected full-year inflation to remain below 2%, consistent with the bank’s 1.91% forecast. In the United States, the New York Fed’s survey of consumer expectations showed one-year-ahead inflation expectations rising to 3.7% in June, the highest since September 2023, while three-year expectations climbed to 3.3%.

The divergence in inflation trajectories complicates the outlook for monetary policy. Colombia’s central bank, which recently raised its policy rate to 12% in a split vote, now faces a CPI path that aligns with its own year-end forecast of 6.5%. Further rate increases remain a possibility if price pressures do not ease. The next milestone will be the bank’s upcoming board meeting, where members will weigh the latest data against concerns over economic growth. In Sweden, the Riksbank’s next policy announcement will be watched for any signal that sustained low inflation could accelerate rate cuts, while Taiwan’s central bank is expected to hold steady as it monitors the pass-through from global energy markets.