Inflation in Chile
In Chile, inflation from 2013 to 2022 was largely managed within the central bank's target range of 2 to 4%. However, social unrest in 2019 and the COVID-19 pandemic in 2020 disrupted this stability, leading to increased inflationary pressures. By 2022, inflation had risen significantly, driven by global supply chain disruptions, increased fiscal spending, and recovery demands. The central bank responded with monetary tightening to control rising prices.
Consumer price inflation in Chile averaged 4.1% in the ten years to 2022, below the Latin America regional average of 8.4%. The 2022 average figure was 11.6%. For more inflation information, visit our dedicated page.
Chile Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Chile from 2013 to 2022.
Source: National Institute of Statistics Chile.
Chile Inflation Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 2.4 | 2.6 | 3.0 | 4.5 | 11.6 |
| Inflation (CPI, ann. var. %, eop) | 2.6 | 3.0 | 3.0 | 7.2 | 12.8 |
Inflation declines to lowest level since August 2021 in October
Inflation came in at 5.0% in October, down from September’s 5.1%. October's reading represented the weakest inflation rate since August 2021, but was still above the Central Bank’s 2.0%–4.0% target range. Looking at the details of the release, transportation prices fell at a quicker pace in October compared to the previous month, while price pressures for housing, utilities and fuel picked up pace. Accordingly, the trend pointed down, with annual average inflation coming in at 9.0% in October (September: 9.7%). Meanwhile, core inflation fell to 4.8% in October, from September’s 5.2%. Lastly, consumer prices rose 0.44% in October over the previous month, coming in below the 0.67% increase recorded in September.
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 37 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.