Summary.

3 Summary In the fourth quarter of 2020, the annual inflation rate continued its downward trajectory since the beginning of the year, falling from 2.3% in September to 0.4% in December, still below the lower limit of the range of 5.0% 1.5 percentage points stipulated in the Medium-T erm Monetary Policy Strategy. The annual rate of fuel prices will show an increased volatility, having an upward trend until the third quarter of 2021, then, starting next year, it will decrease for two consecutive quarters, after which it will register a relatively constant level. The contribution from fuel prices continued to be negative amid declining oil prices in the first half of 2020. [Extracted from the article]

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