LatinNews Daily - 11 July 2022

In brief: Chile’s annual inflation continues to rise

*Chile’s national statistics institute (INE) has released new figures which show that monthly inflation in June was 0.9%, bringing the 12-month rate to 12.5%. The monthly figure is down from the 1.2% rate in May, but the annual rate is up from 11.5%. The monthly rate was driven by the rise in transport (up 2.6%) and food and non-alcoholic drinks (up 1.2%). Last month 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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