Chile Inflation May 2022


Chile: Inflation comes in at highest level since July 1994 in May

June 8, 2022

Consumer prices rose 1.20% in May over the previous month, moderating from the 1.40% increase logged in April. Looking at the details of the release, prices for food and non-alcoholic beverages rose at a weaker pace in May, while price growth for housing, utilities and fuel was broadly stable from the previous month's reading. Meanwhile, transportation prices expanded at a stronger pace, while prices for healthcare grew at a more subdued pace.

Inflation came in at 11.5% in May, up from April’s 10.5%. May's result represented the highest inflation rate since July 1994, and was far above the Central Bank’s 3.0% target. Higher international energy and food prices and renewed supply constraints have spurred inflation in recent months. Meanwhile, the trend pointed up, with annual average inflation coming in at 7.1% in May (April: 6.5%). Finally, core inflation rose to 9.0% in May, from the previous month's 8.3%.

Our panel forecasts inflation to end 2022 at 7.9%, which is up 1.7 percentage points from last month’s estimate, and 2023 at 3.8%.


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Chile Inflation Chart

Chile Inflation May 2022

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

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