Latest reading: Consumer prices fell 0.1% on an annual basis in May, swinging from April’s 0.4% increase. May’s result marked...
Inflation in Chile
Inflation over the last decade was managed within the central bank's target range of 2 to 4% in the first part of the decade. However, social unrest in 2019, global supply disruptions and fiscal stimulus brought on by the COVID-19 pandemic led to increased inflationary pressures. The central bank responded with monetary tightening to control rising prices. This had the desired effect; inflation subsided in 2023 and 2024. That said, price pressures saw some upward pressure in late 2024 and heading into 2025 due to several rounds of electricity tariff hikes.
In the year 2024, the inflation in Chile was 4.27%, compared to 4.71% in 2014 and 7.58% in 2023. It averaged 4.64% over the last decade. For more inflation information, visit our dedicated page.
Chile Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Chile from 2024 to 2018.
Source: Macrobond.
Chile Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 3.0 | 4.5 | 11.6 | 7.6 | 4.3 |
| Inflation (CPI, ann. var. %, eop) | 3.0 | 7.2 | 12.8 | 3.9 | 4.5 |
Inflation drops to lowest level since November 2024 in April
Latest reading: Inflation came in at 4.5% in April, down from March’s 4.9%. April's figure represented the weakest inflation rate since November 2024 but was still above the Central Bank’s 2.0–4.0% target range. The slowdown was largely due to softer growth in prices for food and non-alcoholic beverages. In addition, price pressures for housing, utilities and fuel softened. The trend was unchanged, with annual average inflation coming in at March's 4.5% in April. Meanwhile, core inflation ticked up to 3.7% in April from the previous month's 3.6%. Finally, consumer prices rose 0.19% in April over the previous month, a smaller increase than the 0.50% rise logged in March. April's result marked the weakest reading since December 2024 and was below market expectations.
Panelist insight: On the inflation data, Itaú Unibanco analysts said: “The downward surprise in April follows several months of data aligning with market projections. Beyond this one-off surprise, the recent dynamics suggest that fears of further inflationary persistence, due to potential second-round effects and other factors, appear to be easing.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Chilean inflation projections for the next ten years from a panel of 38 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Chilean inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Chilean inflation projections.
Want to get access to the full dataset of Chilean inflation forecasts? Send an email to info@focus-economics.com.
Latest Global Inflation News
-
Costa Rica: Consumer prices fall for the first time since November 2024 in May -
Egypt: Inflation accelerates again in May Latest reading: Inflation accelerated for the third consecutive month in May, hitting a four-month high of 16.9% from April’s 13.9%.... -
Turkey: Inflation declines to lowest level since November 2021 in May Latest reading: Inflation came in at 35.4% in May, which was down from April’s 37.9%. May’s figure marked the lowest... -
Euro Area: Harmonized inflation drops to lowest level since September 2024 in May Latest reading: Harmonized inflation fell to 1.9% in May, slightly below April’s 2.2% and the ECB’s 2.0% target. May’s result... -
Kazakhstan: Inflation rises to a near two-year high in May Latest reading: Inflation climbed to 11.3% in May from April’s 10.7%, marking the highest rate since September 2023. The reading... -
Poland: Inflation eases in May Latest reading: Inflation came in at 4.1% in May, below April’s 4.3% but above the 3.5% upper bound of the... -
Kenya: Inflation eases and remains below midpoint of target range in May Latest reading: Inflation eased to 3.8% in May from April’s eight-month high of 4.1%. As a result, the reading remained...