3.2 Inflation Price variation in the country was 0.84% and 0.82% in Bogotá for May 2022. These results for May, combined with those for January and April, placed national inflation for the first five months of the year at 6.55%, and at 6.22% for Bogotá. For context, the Central Bank´s projections in its monetary policy report for May 2022 showed it expected inflation closing at 7.1% for 2022. This means that 92.2% of the projection expected by the Central Bank for the entire year has already materialized in the first five months.
Table 1. Monthly and year-to-date inflation in Colombia and Bogotá during May 2022. Monthly variation
Variation to date
Annual variation
Period Colombia
Bogotá
Colombia
Bogotá
Colombia
Bogotá
May 2021
1,00%
0,62%
3,18%
2,59%
3,30%
2,41%
May 2022
0,84%
0,82%
6,55%
6,22%
9,07%
8,33%
Source: DANE - Consumer Price Index (CPI).
3.3 Labor Market2 The unemployment rate in Colombia for May 2022 was 10.6%, compared to 15.2% for the same month in 2021, a decrease of 4.6 percentage points. For Bogotá and its metropolitan area, unemployment rate stood at 11.5% for the March-May 2022 quarter, 6.1 percentage points lower than the 17.6% registered for the same quarter in 2021. On the other hand, employed persons in the country increased by 2.3 million people between May 2021 and May 2022, from 19.9 million in 2021 to 22.2 million in 2022. This made the number of unemployed persons in the country decrease between May 2021 and 2022 by 940,000, for a total of 2.7 million. Furthermore, the gap in unemployment between men and women in May 2022 was 5.2 p.p. against women, compared to 6.1 p.p. for the same period in 2021. For May, the unemployment rate for women was 13.7% and 8.4% for men. 3.4 Business Dynamics During the January - May 2022 period, 42,573 companies were created in Bogotá and the 59 municipalities in its jurisdiction. New companies increased by 11% compared to the same period in 2021, 56% compared to the same period in 2020, and decreased by 6% compared to 2019. Of the total number of new companies registered, 71.5% correspond to natural persons and 28.5% to companies. On the other hand, commercial registration of natural persons increased from 25,933 to 30,445, which represents a positive variation of 17%. Among sectors, the service 2
Source: DANE, Great Integrated Household Survey (GEIH). Taken from: https://www.dane.gov.co/index.php/estadisticas-portema/mercado-laboral/empleo-y-desempleo
