Latest reading: Inflation ticked up to 2.4% in July, following June’s 2.3%. Looking at the details of the release, prices...
Inflation in Chile
Inflation over the last decade was managed within the central bank's target range of 2 to 4% in the first part of the decade. However, social unrest in 2019, global supply disruptions and fiscal stimulus brought on by the COVID-19 pandemic led to increased inflationary pressures. The central bank responded with monetary tightening to control rising prices. This had the desired effect; inflation subsided in 2023 and 2024. That said, price pressures saw some upward pressure in late 2024 and heading into 2025 due to several rounds of electricity tariff hikes.
In the year 2024, the inflation in Chile was 4.27%, compared to 4.71% in 2014 and 7.58% in 2023. It averaged 4.64% over the last decade. For more inflation information, visit our dedicated page.
Chile Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Chile from 2024 to 2018.
Source: Macrobond.
Chile Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 3.0 | 4.5 | 11.6 | 7.6 | 4.3 |
| Inflation (CPI, ann. var. %, eop) | 3.0 | 7.2 | 12.8 | 3.9 | 4.5 |
Inflation falls to over one-year low in August
Latest reading: Inflation ticked down to 4.0% in August from July’s 4.3%. August's figure marked the lowest inflation rate since April 2024 and was at the top of the Central Bank’s 2.0–4.0% target range. Looking at the details of the release, price pressures for clothing and housing eased in August. Annual average inflation was unchanged at July's 4.5% in August. Meanwhile, core inflation fell to 3.4% in August from July’s 3.8%. Lastly, consumer prices rose 0.04% from the previous month in August, which was below the 0.87% increase logged in July.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Chilean inflation projections for the next ten years from a panel of 37 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Chilean inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Chilean inflation projections.
Want to get access to the full dataset of Chilean inflation forecasts? Send an email to info@focus-economics.com.
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