Chile Inflation January 2019


Chile: Inflation slips below the Central Bank's tolerance range

February 8, 2019

According to the National Statistical Institute (INE), consumer prices ticked up 0.1% month-on-month in January, after edging down 0.1% in December. The monthly increase reflected higher prices for alcoholic beverages and tobacco, as well as for housing and basic services.

Inflation came in at 1.8% in January, below the Central Bank’s 2.0%–4.0% tolerance range (December: +2.6%). Meanwhile, average inflation over the last 12 months was unchanged at 2.4% in January.

After removing volatile categories such as fruit, vegetables and fuel, core consumer prices rose 0.4% month-on-month in January, after increasing 0.2% in the month prior.

The Central Bank projects year-end inflation of 2.8% in 2019 and of 3.0% in 2020.

Chile Inflation Forecast

FocusEconomics Consensus Forecast panelists expect inflation to end 2019 at 2.9%, which is down 0.1 percentage points from last month’s forecast. The panel sees inflation ending 2020 at 3.0% as well.


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Chile Inflation Chart

Chile Inflation January 2019 1

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

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