Chile Inflation


Chile: Inflation drops to eight-month low in February

March 6, 2015

In February, consumer prices rose 0.4% over the previous month. The print followed the 0.1% increase observed in January and marked a four-month high. According to the Statistical Institute, the monthly reading mainly reflected that higher prices for alcoholic drinks and tobacco offset lower prices for transport, food and non-alcoholic drinks.

Annual headline inflation inched down from 4.5% in January to 4.4% in February, which was the lowest figure in eight months. The reading came in above the 4.3% inflation rate the market had expected. As a result, inflation is further above the upper bound of the Central Bank’s target range of 3.0% plus/minus 1.0 percentage point. The core inflation index, which excludes volatile categories such as oil, fresh fruit and vegetables, rose 0.6% in February over the previous month, which met January’s result. Annual core inflation rose from January’s 5.5% to 5.7% in February, which marked the highest value since January 2009.

The Central Bank sees year-end inflation at 2.8% in 2015. LatinFocus Consensus Forecast panelists expect inflation to close 2015 at 2.7%, which is unchanged from last month’s forecast. For 2016, the panel sees inflation easing to 3.0%.

Author:, Senior Economist

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Chile Inflation Chart

Chile Inflation February 2015

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

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