Chile Inflation


Chile: Inflation closes 2015 above Central Bank's target range

January 8, 2016

In December, consumer prices were unchanged over the previous month, matching November’s reading. According to the Statistical Institute, the result mainly reflected that higher prices for transport were offset by lower prices for food and non-alcoholic beverages.

Inflation rose notably from November’s 3.9%, which had marked the lowest value since March 2014, to 4.4% in December. As a result, inflation ended 2015 above the upper bound of the Central Bank’s target range of 3.0% plus/minus 1.0 percentage point. Core consumer prices, which exclude volatile categories such as oil, fresh fruit and vegetables rose 0.2% in December over the previous month, which was up from November’s flat reading. Core inflation fell from November’s 4.9% to 4.7% in December.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2016 at 3.5%, which is unchanged from last month’s forecast. For 2017, the panel sees growth at 3.1%.

Author: Teresa Kersting, Economist

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Chile Inflation Chart

Chile Inflation December 2015

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

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