Chile Inflation


Chile: Inflation inches down in November

December 6, 2014

In November, consumer prices were flat over the previous month. The print came in below the 1.0% increase tallied in October. According to the Statistical Institute, the monthly reading mainly reflected that higher prices for restaurants and hotels as well as for alcoholic beverages and tobacco were offset by lower costs for transportation and recreation and culture.

Annual headline inflation ticked down to 5.5% in November from 5.7% in October, which had marked the highest rate since January 2009. The figure matched market expectations. Despite November’s mild decline, inflation remains well above 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 0.3% over the previous month in November (October: +0.7% month-on-month). Annual core inflation inched up from October’s 4.9% to 5.0% in November, which marked the highest value since March 2009.

The Central Bank sees year-end inflation at 4.1% for 2014 and at 2.8% in 2015. LatinFocus Consensus Forecast panelists expect inflation to close 2014 at 4.8%, which is up 0.3 percentage points from last month’s forecast. For 2015, the panel sees inflation easing to 2.9%, which is down 0.2 percentage points from last month’s estimate.

Author:, Senior Economist

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Chile Inflation Chart

Chile Inflation November 2014

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

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