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Inflation in Chile continues to rise and reaches 13.1% in 12 months

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O presidente do Chile, Gabriel Boric, fala em entrevista coletiva, durante a Cúpula das Américas, em Los Angeles, Califórnia, EUA, 10 de junho de 2022.

Chilean President Gabriel Boric speaks at a press conference during the Summit of the Americas in Los Angeles, California, USA of June.| Photo: EFE/EPA/CAROLINE BREHMAN

Without showing signs of letting up, inflation in Chile was 1.4% in July, higher than expected by analysts, stimulated by food and transport prices, as reported this Monday () the country’s National Institute of Statistics (INE).

According to the agency, the Consumer Price Index (CPI) has accumulated an increase of 8.5% so far this year . In the last 07 months, the accumulated percentage is 10,1%, the highest since 960.

Chile closed 1994 with an inflation of 7.2 %, the highest in years, which led the Central Bank to take measures and quickly withdraw the monetary stimulus that it applied with the beginning of the pandemic in March 2020.

In June, the Chilean BC increased interest rates by basis points , to 9%, the highest rate in two decades, in an attempt to contain the rise in domestic prices.

Fiscal aid to alleviate the economic impact of the pandemic and three advance withdrawals from pension funds approved by Congress triggered consumption.

Chile GDP growth estimates for this year, according to the Central Bank, are in the range from 1% to 2% (against 1.5% to 2.5% of the previous estimate), and to 2021 there is a risk of recession.

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