Chile Inflation March 2021


Chile: Inflation steady in March

April 9, 2021

Consumer prices jumped a seasonally-adjusted 0.37% in March over the previous month, following the softer 0.19% increase seen in February. Looking at the details of the release, prices for education, clothing and footwear and for transport grew the most.

Inflation came in at February’s 2.9% in March. Meanwhile, annual average inflation was also unchanged at the previous month’s 2.9% in March. Lastly, core inflation rose to 2.6% from 2.4% in February.

Commenting on the release, Felipe Camargo, senior economist at Oxford Economics, stated:

“A worrying increase in core inflation’s contribution to headline prices hints that inflationary pressures are building up. We’ve revised our year-end forecast to 3% y/y, from 2.8% previously. Our forecast implies a gradual balancing of the opposing forces from energy and FX on prices and wide spare capacity contributions, which should gradually converge closer to the BCCh’s target range (3%, +/- 1%) over a 12-month horizon.”

FocusEconomics Consensus Forecast panelists expect inflation to end 2021 at 2.8%, which is unchanged from last month’s forecast. The panel sees inflation ending 2022 at 2.9%.

Author: Massimo Bassetti, Senior Economist

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Chile Inflation Chart

Chile Inflation March 2021 0

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

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