Chile Inflation


Chile: Inflation reaches highest rate in over five years

November 7, 2014

In October, consumer prices rose 1.0% over the previous month. The print came in above the 0.8% increase tallied the previous month. According to the statistical institute, the monthly reading reflected higher prices for food and non-alcoholic beverages as well as for alcoholic beverages and tobacco.

Annual headline inflation rose from 4.9% in September to 5.7% in October, which marked the highest rate since January 2009. The figure overshot the 5.0% the market had expected. As a result, inflation remains 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 0.7% over the previous month in October (September: +0.6% month-on-month). Annual core inflation increased from September’s 4.5% to 4.9% in October, which marked the highest value since October 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 4.3%, which is up 0.2 percentage points from last month’s forecast. For 2015, the panel sees inflation easing to 3.0%.

Author:, Senior Economist

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Chile Inflation Chart

Chile Inflation October 2014

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

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