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Chile Inflation April 2024

Chile: Inflation rises in April

Inflation came in at 4.0% in April, which was up from March’s 3.7% and at the upper bound of the Central Bank’s 2.0%–4.0% target range. The acceleration was largely driven by increasing prices for food and non-alcoholic beverages, and for housing, utilities and fuel.

Annual average inflation fell to 5.2% in April (March: 5.7%). Meanwhile, core inflation edged down to 3.2% in April, from the previous month’s 3.3%.

Finally, consumer prices rose 0.53% from the previous month in April, picking up from the 0.37% increase seen in March and above market expectations.

On the recent data, Itaú Unibanco analysts said:

“April’s inflation print reaffirms the challenges of inflation converging to the 3% target, amid significant supply shocks and indexation. Looking ahead further supply pressures stemming from expected electricity price increases will keep inflation elevated. The recent appreciation of the CLP, amid soaring copper prices, may provide some relief to tradable price pressures.”

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