Chile registered inflation of 5.3% in August compared to the same period last year, its lowest level in two years, according to data from the National Institute of Statistics (INE).
“In August 2023, the Consumer Price Index (CPI) recorded a monthly variation of 0.1%, accumulating an increase of 2.6% to the eighth month of the year and an increase of 5.3% to the 12 months,” the National Institute of Statistics said in a report.
The figure is still far from the Central Bank’s target for inflation this year, which points to a rise of between 2 and 4%. The year-over-year increase in the CPI in August represents a reduction of 1.2 points compared to the previous month.
Until April of this year, the price index in Chile had remained above 10% for 12 months. In August, seven of the 12 divisions that make up the CPI basket contributed positive impacts, according to the report.
The increases in food and non-alcoholic beverages (0.3%) and housing and basic services (0.4%) stood out, as did the decrease in miscellaneous goods and services, with a fall of 0.8%. In 2022, Chile closed with its highest level of annual inflation in 30 years, with a cumulative rate of 12.8%, a figure not recorded since 1991.
