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Chile Inflation December 2022

Chile: Inflation falls to lowest level since June in December

Inflation came in at 12.8% in December, which was down from Novembers 13.3%. December’s figure marked the lowest inflation rate since June. The result was driven by moderating price pressures for housing, utilities and fuel and transportation.

The trend pointed up, with annual average inflation coming in at 11.6% in December (November: 11.2%). Meanwhile, core inflation fell to 8.6% in December, from the previous month’s 9.5%.

Lastly, consumer prices increased 0.29% over the previous month in December, below November’s 0.97% increase. December’s result marked the weakest reading since February.

On the implications for monetary policy, analysts at Itau Unibanco said:

“While there are consolidating signs that inflation is gradually correcting, levels remain high and risks persist. We expect the central banks board to wait for inflation to consolidate its decline towards the 3% target and for the re-anchoring of medium-term inflation expectations before beginning an easing cycle. We see rate cuts starting mid-year.”

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