Colombia’s consumer prices increased 0.39% in August, lifting annual inflation to 6.24%, according to the DANE statistics agency. The monthly result exceeded the 0.26% median forecast from analysts polled by Reuters and accelerated from July’s 0.17% increase. Annual inflation rose from 6.03% in July, surpassing the 6.10% forecast and reaching its fastest pace since July 2024. The acceleration reflected stronger annual price growth in furniture and household maintenance, housing and utilities, information and communication, recreation and culture, miscellaneous goods and services, and transport. Inflation remained elevated in health, education, restaurants and hotels, and alcoholic beverages and tobacco, while annual price growth eased in several of those categories from July. Inflation remains above the central bank’s 3% target midpoint, with a tolerance band of plus or minus one percentage point. Colombia is also contending with deteriorating fiscal accounts as revenues fall and spending rises. The government of right-wing President Abelardo De La Espriella, who took office last month, is seeking to form a governing coalition among a fragmented right wing to secure a majority in Congress, where the leftist Historic Pact bloc holds the largest number of seats.