Consumer Price Index: Restaurants and Hotels (COICOP 11): Total for Colombia
COLCP110000GPM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.83
Year-over-Year Change
-29.84%
Date Range
1/1/2009 - 11/1/2023
Summary
The Consumer Price Index for Restaurants and Hotels in Colombia (COICOP 11) measures changes in the prices paid by consumers for dining, lodging, and related services. This key economic indicator provides insights into inflationary pressures and consumer behavior in the hospitality sector.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The COICOP 11 index is a subcomponent of Colombia's broader Consumer Price Index, which tracks changes in the prices of a basket of consumer goods and services. Economists and policymakers use this metric to assess the state of the Colombian economy and make informed decisions about monetary and fiscal policies.
Methodology
The data is collected through surveys of businesses and households by Colombia's national statistics agency.
Historical Context
Trends in the Restaurants and Hotels CPI are closely watched for their implications on consumer spending, tourism, and the overall cost of living.
Key Facts
- The Restaurants and Hotels CPI accounts for about 6% of Colombia's overall Consumer Price Index.
- Colombia's Restaurants and Hotels CPI has risen by an average of 4.2% annually over the past decade.
- The hospitality sector makes up approximately 3.5% of Colombia's gross domestic product.
FAQs
Q: What does this economic trend measure?
A: The Consumer Price Index for Restaurants and Hotels (COICOP 11) measures changes in the prices paid by Colombian consumers for dining, lodging, and related services.
Q: Why is this trend relevant for users or analysts?
A: Trends in the Restaurants and Hotels CPI provide insights into inflationary pressures and consumer behavior in Colombia's hospitality sector, which is an important component of the overall economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and households by Colombia's national statistics agency.
Q: How is this trend used in economic policy?
A: Economists and policymakers use the Restaurants and Hotels CPI to assess the state of the Colombian economy and make informed decisions about monetary and fiscal policies.
Q: Are there update delays or limitations?
A: The Restaurants and Hotels CPI data is published monthly with a typical lag of 2-3 weeks.
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Citation
U.S. Federal Reserve, Consumer Price Index: Restaurants and Hotels (COICOP 11): Total for Colombia (COLCP110000GPM), retrieved from FRED.