Typically, central banks use a variety of individual models (or a combination of models) when forecasting inflation … inflation estimates by the staff of the Central Bank of Colombia during 2002-2011 as prior information. Our results show that: 1 …

Typically, when forecasting inflation rates, there are a variety of individual models and a combination of several of … technique for series integrated of order one. The empirical results of Colombian inflation show that the Bayesian forecast …

Many developing countries are adopting inflation targeting regimes to guide monetary policy decisions. In such … countries the share of food in the consumption basket is high and policy makers often employ total inflation (as opposed to core … inflation) to set inflationary targets. Therefore, central banks need to develop reliable models to forecast food inflation. Our …