LatinNews Daily - 06 May 2022

In brief: Chile raises interest rates again

* Chile’s central bank (BCCh) has raised the country’s benchmark interest rate from 7.0% to 8.25% in response to mounting inflation. The rate hike followed four other steep increases since October 2021, when the interest rate stood at 1.50%. In a statement, the BCCh highlighted that annual inflation rose to 9.4% in March, its highest level since 2008. Chile closed 2021 with annual inflation of 7.2% in December, its highest level in 14 years and significantly above the BCCh’s target range of 2-4% for 2021. In a statement the bank said that the March inflation was significantly higher than that forecast due to a combination of rising global food and energy prices, a weaker currency, and supply chain bottlenecks.

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