Chile Inflation December 2021


Chile: Inflation comes in at highest level since November 2008 in December

January 7, 2022

Consumer prices rose 0.78% from the previous month in December, picking up from the 0.50% increase logged in November. The figure was primarily due to increasing prices for food and non-alcoholic beverages. In addition, price pressures for transportation grew at a stronger pace.

Inflation came in at 7.2% in December, up from November’s 6.7%. December's result was the highest inflation rate since November 2008. Elevated inflation in recent months has been driven by a mixture of vast fiscal stimulus at home, a wilting peso and higher international energy prices. Moreover, December’s inflation reading will likely encourage the Central Bank to continue its tightening cycle at upcoming meetings. Meanwhile, the trend pointed up, with annual average inflation coming in at 4.5% in December (November: 4.2%). Lastly, core inflation rose to 6.4% in December, from the previous month's 5.8%.

Our panel forecasts inflation to end 2022 at 4.2%, which is up 0.2 percentage points from last month’s estimate, and 2023 at 3.3%.


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Chile Inflation Chart

Chile Inflation December 2021 1

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

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