Chile Inflation


Chile: Inflation picks up again in June

July 8, 2015

In June, consumer prices rose 0.5% over the previous month, which was above May’s 0.2% increase. According to the Statistical Institute, the result mainly reflected higher prices for transport, housing and basic services as well as leisure and culture. Conversely, lower prices were registered for clothing and footwear.

Headline inflation rose from May’s 14-month low of 4.0% to 4.4% in June. As a result, inflation jumped above 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 0.5% in June over the previous month (May: +0.1% month-on-month). Core inflation increased from May’s 5.1% to 5.4% in June, which marked the highest value in three 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 June 2015

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

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