Chile Inflation


Chile: Inflation drops to five-month low in January

January 8, 2015

In January, consumer prices rose 0.1% over the previous month. The print contrasted the 0.4% decrease observed in December and marked a three-month high. According to the Statistical Institute, the monthly reading mainly reflected that higher prices for food, drinks and tobacco offset lower prices for clothing and transport.

Annual headline inflation inched down from 4.6% in December to 4.5% in January, which was the lowest figure in five months. The figure came in above the 4.2% inflation rate the market had expected. As a result, inflation is now closer to the upper bound of the Central Bank’s target range of 3.0% plus/minus 1.0 percentage points. The core inflation index, which excludes volatile categories such as oil, fresh fruit and vegetables, rose 0.6% over the previous month in January (December: +0.3% month-on-month). Annual core inflation rose from December’s 5.1% to 5.5% in January, which marked the highest value since February 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 January 2015

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

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