As is happening in the rest of the world, there is no yielding from inflation in Chile, once the showcase of political stability and orthodox economics in Latin America. In effect, the July CPI climbed 1,4% with 8,5% in seven months, and the annual rate reached 13,1% the highest level since March 1994.
After the US dollar in Chile broke the milestone exchange rate of a thousand Pesos in June, the Central Bank reacted by announcing it will literally flood the market with 25bn dollars, of which 10bn to be supplied to the spot market, another 10bn covering future dollar operations, and 5bn in swap deals.
Inflation in Chile reached 0,9% in June, 7,1% in the first half of the year and 12,5% in the last twelve months, which is the highest since 28 years, in June 1994.
Chilean president Gabriel Boric said his government was preparing a mechanism to help vulnerable families pay for their basic food basket, which is to be financed with subsidies.
Chilean President Gabriel Boric Font's disapproval ratings have grown around 10%, reaching 51%, in about a month, according to a survey by consultants Pulso Ciudadano released Sunday.
Chilean consumer prices fell 0.1% in May, the government’s statistics agency INE said on Friday, as costs of many goods and services stagnated amid the growing coronavirus outbreak in the country.
Chile’s inflation rate rose to the highest this year in July as the Peso approaches its weakest level in more than a decade. Prices climbed 0.4% in the month, the National Statistics Institute said on its website Friday. Annual inflation accelerated to 4.6% from 4.4% the month before, while the central bank target is between 2% and 4%.
Chile's inflation picked up and beat expectations in June despite persistently weak economic growth. The consumer price index rose 0.5% in June, as prices for transportation, housing and basic services increased, the government's stats agency said on Wednesday.
Chile cut its copper output forecast for the year to 5.53 million tons due to setbacks at certain mines, though production is still expected to jump from 2012 as a new deposit comes online, the mining ministry said this week.
Chile's consumer inflation was up 0.6% in June, the biggest increase in eight months and slightly above expectations as costs jumped for accommodation, electricity, fuel products and water, the government said on its latest stats report.