LatinNews Daily - 08 December 2022

In brief: Chile’s inflation picks up

*Chile’s national statistics institute (INE) has released new figures which show monthly inflation in November was 1%, up from 0.5% in October while the 12-month rate was 13.3%, up from 12.8% in October. INE highlighted monthly price rises in food & non-alcoholic drinks (1.7%) and transport (1.3%) while culture and recreation registered a decline of -1.4%. The release of the latest figures come the day after Chile’s central bank (BCCh) announced that it would maintain its benchmark interest rate at 11.25%, as it said that annual inflation, in line with expectations, peaked in the third quarter and the BCCh’s board had “made a significant adjustment in monetary policy, which has contributed to the gradual easing of inflationary pressures”. However, it said that inflation remains high and the benchmark interest rate would remain at 11.25% “until the state of the macroeconomy indicates that the convergence process of inflation to the 3% target has been consolidated”.

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