Latest reading: Inflation dropped to 3.4% in May from April’s 3.5%, in line with market expectations and above the Bank...
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 falls to lowest level since November 2024 in May
Latest reading: Inflation came in at 4.4% in May, down from April’s 4.5%. May's result represented the lowest inflation rate since November 2024 but was above the Central Bank’s 2.0–4.0% target range. Price pressures eased in most subsectors in May, with transport prices in particular swinging into contraction. The trend was unchanged, with annual average inflation coming in at April's 4.5% in May. Meanwhile, core inflation was at April's 3.7% in May. Lastly, consumer prices rose 0.19% in May over the previous month, unchanged from April's reading.
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 41 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
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United Kingdom: Inflation slides in May -
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