Modern Food Retail
In Colombia food retail was nearly stagnant compared to 2023, amidst food inflation at a rate almost identical to the growth in retail sales.
In 2024, the annual variation in household spending fell to negative levels at the beginning of the year, recovering somewhat at the end of 2024 during the festive season. Although households continued to allocate most of their spending to basic necessities, such as those related to food and housing, entertainment-related spending has been growing in real terms.
COLOMBIA – Food Retail Sales Index & Food Inflation
Current Prices
The minimum wage in Colombia was 1,300,000 Colombian pesos at the end of 2024. In 2025, the monthly minimum wage will increase 9.5% to 1,423,500 Colombian pesos. This increase should have a positive effect on improving purchasing power and stimulating the growth of private consumption. It is important to note, however, that, according to the National Administrative Department of Statistics (DANE), 55.6% of the workforce has informal jobs and can earn income below the minimum wage.
Sources: Banco de Portugal Economic Bulletins; Portuguese Ministry of Finance; Portuguese Statistics Office (INE); Bank of Poland Economic Bulletins; Central Statistical Office (GUS); Banco de la República (Colombian Central Bank); Colombia National Administrative Department of Statistics (DANE); Fedesarrollo; PMR Market Research; Fitch BMI; BMP; ISBIZNES; PORTAL SPOZYWCZY; Hatimeria; AHRESP, Distribuição Hoje.
Note: All macroeconomic data presented in this subchapter are based on the latest available information at the closing date of this report.