Inflation is an increase in prices of goods and services in a period of time which is regulated by consumer price index and this measure price increses and decreases on common group of consumer goods and services on a monthly basis. The consumer price index is very similar, but not to be confused with, to the cost of living index which allows for substitutions of the items as prices move higher or lower.
The consumer price index used to observe the impact of inflation on the market and thus able to find the causes of inflation are many, within them are: Demand-pull inflation, the cost-push theory, money supply and also the inflation can artificially be created through a circular increase in wage earners demands and then the subsequent increase in producer costs which will drive up the prices of their goods and services.
About my country inflation rates tend to ascend every month by various problems such as climate, terrain, the terms of trade and social issues, political and economic present in our government. The inflation rate in Colombia was last reported at 3.17 percent in February of 2011 and so far has had a change of -26.19 percentage of what today generates an inflation rate of 3.10% that we see in the following chart and accompanying table:
| Year | Inflation rate (consumer prices) | Rank | Percent Change | Date of Information |
|---|---|---|---|---|
| 2003 | 6.20 % | 53 | 2002 | |
| 2004 | 7.10 % | 56 | 14.52 % | 2003 est. |
| 2005 | 5.90 % | 159 | -16.90 % | 2004 est. |
| 2006 | 5.00 % | 139 | -15.25 % | 2005 est. |
| 2007 | 4.30 % | 120 | -14.00 % | 2006 est. |
| 2008 | 5.50 % | 134 | 27.91 % | 2007 est. |
| 2009 | 7.00 % | 116 | 27.27 % | 2008 est. |
| 2010 | 4.20 % | 133 | -40.00 % | 2009 est. |
| 2011 | 3.10 % | 88 | -26.19 % | 2010 est |
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