LatinNews Daily - 09 August 2022

In brief: Inflation in Chile continues to mount

* Chile’s national statistics institute (INE) has released new figures which show that monthly inflation in July was 1.4%, bringing the 12-month rate to 13.1%. Both the monthly and annual figures are an increase on the rate registered in June, up from 0.9% and 12.5% respectively. The monthly rate was driven by rising costs for transport (+3.4%), food & non-alcoholic drinks (+1.9%) and recreation & culture (+1.7%). Last month, Chile’s central bank (BCCh) raised the country’s benchmark interest rate for the seventh time since October 2021, bringing it to 9.75% in a bid to curb rising 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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