Chile recorded annual inflation of 6.7%, the highest rate since 2008

RIO DE JANEIRO, BRAZIL – Chile’s National Statistics Institute (INE) reported on Tuesday an inflationary rise of 0.5% in November, while the accumulated 12-month rate was 6.7%, the highest rate since 2008, when it reached 7.1%.

The variation of the Consumer Price Index (CPI) in the eleventh month of the year was, however, below market expectations, which expected a rise of around 0.6%, or even 0.8%, according to some experts.

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According to INE data, eight of the twelve divisions that make up the shopping basket contributed positive incidences to the monthly variation of the index and only four went down.

“Among the divisions with price increases were recreation and culture, and clothing and footwear (…). At the same time, among the divisions that registered monthly decreases in their prices, alcoholic beverages and tobacco stood out”, the INE pointed out in its economic bulletin.

Tourist packages registered an increase of 9.1% monthly, the most important increase in the recreation and culture division, followed by toys and video games.

Clothing, on the other hand, increased by 2.6%, followed by sneakers and other footwear, which rose by 2.7%.

As for the prices of specific products, the increase in gasoline and bread continue to hit the budgets of Chilean families: fuel recorded a 3% monthly increase, reaching 30.3% over twelve months.

Bread, meanwhile, recorded a 3% monthly increase and 6.9% in the last twelve months.

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