Chile Inflation


Inflation eases unexpectedly

In November, consumer prices fell 0.5% over the previous month, which contrasted the 0.6% increase registered in October and defied market expectations of a flat reading. The monthly result represented the sharpest drop since February 2009. According to the statistical institute's press release, lower prices for food and non-alcoholic beverages as well as for transport drove the monthly decline.

As a result, annual headline inflation fell from 2.9% in October to 2.1% in November, the lowest level in more than two years thus remaining within the Central Bank's target of 3.0% with a plus/minus 1.0 percentage points tolerance margin. Meanwhile, the core inflation index, which excludes volatile categories such as oil, fresh fruit and vegetables, fell 0.2% over the previous month, contrasting October's 0.2% increase. Annual core inflation fell from 2.1% in October to 1.7% in November. In the latest Monetary Policy Report from September, the Bank sees year-end inflation at 2.5%. For 2013, monetary officials expect inflation to end the year at 3.0%.


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Chile Inflation Chart

Chile Inflation November 2012

Note: Year-on-year and monthly variation of consumer price index in %.
Source: Chile National Statistical Institute (INE).

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