Chile Inflation


Chile: Inflation picks up again in July

August 7, 2015

In July, consumer prices rose 0.4% over the previous month, which was below June’s 0.5% increase. According to the Statistical Institute, the result mainly reflected higher prices for food and non-alcoholic drinks as well as for transport. Conversely, lower prices were registered for clothing and footwear.

Inflation rose from June’s 4.4% to 4.6% in July, which marked the highest rate in seven months. As a result, inflation further jumped above the upper bound of the Central Bank’s target range of 3.0% plus/minus 1.0 percentage point. Core consumer prices, which exclude volatile categories such as oil, fresh fruit and vegetables, rose 0.4% in July over the previous month (June: +0.5% month-on-month). Core inflation increased from June’s 5.4% to 5.7% in July, which marked the highest value in five months.

The Central Bank sees year-end inflation at 2.8% in 2015. LatinFocus Consensus Forecast panelists expect inflation to close 2015 at 3.5%, which is up 0.1 percentage points from last month’s forecast. For 2016, the panel sees inflation easing to 3.1%.

Author: Teresa Kersting, Economist

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Chile Inflation Chart

Chile Inflation July 2015

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

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