LatinNews Daily - 09 June 2022

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In brief: Chile’s annual inflation gathers pace

* Chile’s national statistics institute (INE) has announced that monthly inflation in May was 1.2%, driven by higher food and transportation prices, bringing the year-on-year rate to 11.5%. The monthly figure is down from 1.4% in April, but the year-on-year rate is up from 10.5%. The latest figures come the day after Chile’s central bank (BCCh) raised the country’s benchmark interest rate from 8.25% to 9.0% in response to mounting inflation. 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.

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