LatinNews Daily - 18 August 2022

In brief: New report highlights rising cost of basic goods in Chile

* Chile’s social development ministry has released its monthly report on the cost of the basic basket of goods, showing that in July this reached Cl$58,003 (US$64). This represents a monthly increase of 2.9% and accumulated increase over the last 12 months of 20.6%. This comes as annual inflation was running at 13.1% in July, while last month Chile’s central bank (BCCh) raised the 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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