Skyline in Chile

Inflation in Chile

Chile Inflation

Inflation falls to over one-year low in July

Inflation fell to 6.5% in July below June’s 7.6%. July’s figure marked the weakest inflation rate since October 2021, but was still more than double the Central Bank’s 3% target. Looking at the details of the release, prices for food and non-alcoholic beverages and housing, utilities and fuel rose at a softer pace in July, while transport prices fell.

Annual average inflation fell to 11.1% in July (June: 11.7%). Meanwhile, core inflation fell to 6.2% in July, from the previous month’s 6.9%.

Finally, consumer prices rose 0.35% over the previous month in July, contrasting June’s 0.15% drop. July’s figure marked the highest reading since March.

On the implications for monetary policy, Itaú Unibanco analysts said:

“Even though today’s print was marginally above market expectations (and the last prior to the Sep 5 monetary policy meeting), the swift disinflation process continues, leaving the door open for another 100bp rate cut in September (to 9.25%).”

Chile Inflation Chart

This chart displays Inflation Rate (CPI, annual variation in %) for Chile from 2013 to 2022.

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

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