Chile Inflation


Chile: Inflation eases to fourteen-month-low in May

June 8, 2015

In May, consumer prices rose 0.2% over the previous month, which was below April’s 0.6% increase. According to the Statistical Institute, the result mainly reflected lower prices for recreation and culture, as well as for alcoholic beverages and tobacco. In contrast, higher prices were recorded for miscellaneous goods and services as well as for healthcare.

Headline inflation inched down from 4.1% in April to 4.0% in May, which marked the lowest rate since March 2014. As a result, inflation is now at 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 0.1% in May over the previous month (April: +0.5% month-on-month). Core inflation fell from April’s 5.2% to 5.1% in May, which marked the lowest value in six months.

The Central Bank sees year-end inflation at 2.8% in 2015. LatinFocus Consensus Forecast panelists expect inflation to close 2015 at 3.3%, which is unchanged from last month’s forecast. For 2016, the panel sees inflation easing to 3.0%.

Author: Teresa Kersting, Economist

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Chile Inflation Chart

Chile Inflation May 2015

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

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