Chile Inflation August 2022

Chile

Chile: Inflation comes in at highest level since September 1992 in August

September 8, 2022

Inflation came in at 14.1% in August, up from July’s 13.1%. August's result was the highest inflation rate since September 1992 and was nearly five times the Central Bank’s 3% target. Looking at the details of the release, prices for transport and food and non-alcoholic beverages increased at a faster rate in August, while inflation for housing, utilities and fuel was broadly in line with the previous month's reading.

The trend pointed up, with annual average inflation coming in at 9.4% in August (July: 8.6%). Meanwhile, core inflation rose to 10.9% in August, from July’s 10.3%. Finally, consumer prices increased 1.22% in August over the previous month, coming in below the 1.37% increase recorded in July but above market expectations for a 1.0% rise.

Our panel forecasts inflation to end 2022 at 11.2%, which is up 1.3 percentage points from last month’s estimate, and 2023 at 4.5%.


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Chile Inflation Chart


Chile Inflation August 2022

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


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