Chile Inflation


Inflation rises in March but remains well below Central Bank's target

In March, consumer prices added 0.4% over the previous month, which followed the 0.1% increase registered in February and came in above market expectations of a 0.3% increase. According to the statistical institute, the rise was mainly due to higher prices for education and for food and non alcoholic beverages.

As a result, annual headline inflation increased from 1.3% in February to 1.5% in March. At the current level, inflation remains below the Central Bank's target of 3.0% with a plus/minus 1.0 percentage point tolerance margin.

Meanwhile, the core inflation index, which excludes volatile categories such as oil, fresh fruit and vegetables, rose 0.2% over the previous month. Annual core inflation rose from 1.0% in February to 1.3% in March.

In the latest Monetary Policy Report from March 2013, the Bank sees year-end inflation at 2.8% in 2013 and 3.0% in 2014. LatinFocus Consensus Forecast panellists expect inflation to close the year at 3.0%, which is down 0.1 percentage points from last month's forecast. For 2014, inflation is expected to remain stable at 3.0%.


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Chile Inflation Chart

Chile Inflation March 2013

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

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