Chile Inflation September 2021

Chile

Chile: Inflation comes in at highest level since November 2014 in September

October 8, 2021

Consumer prices rose 1.18% in September over the previous month, picking up from August's 0.36% rise. September's uptick marked the highest reading since June 2008. Looking at the details of the release, transportation prices rose at a quicker pace in September compared to the previous month and price pressures for housing, utilities and fuel eased somewhat but remained elevated.

Inflation rose to 5.3% in September, above August’s 4.8%. September's result represented the highest inflation rate since November 2014, and was well above the Central Bank’s 3% target. Annual average inflation edged up to 3.6% in September (August: 3.4%). Finally, core inflation rose to 4.4% in September, from August’s 3.8%. Intensifying price pressures in recent months have been driven by a mixture of vast fiscal stimulus at home, a wilting peso and higher international energy prices.

Our panel forecasts inflation to end 2021 at 5.0% and 2022 at 3.8%, which is up 0.4 percentage points from last month’s estimate.


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Chile Inflation Chart


Chile Inflation September 2021 0

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


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