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CPI Tops Expectations, But Still Continues Deceleration Trend

CHILE
  • Chile CPI (Nov) M/M 0.7% vs. Exp. 0.2% (Prev. 0.4%), Y/Y 4.8% vs. Exp. 4.2% (Prev. 5.0%)
  • CPI Ex Volatile Items (Nov) M/M 0.5% (Prev. 0.0%), Y/Y 6.0% (Prev. 6.5%)
  • Closer look at the Chilean CPI release shows clothing/shoes and household items as the key drivers for the upswing in the M/M print, while an uptick in recreation costs Y/Y helped drive the slower-than-expected deceleration in Y/Y CPI.
  • Despite the higher-than-expected headlines, this still marks the lowest Y/Y CPI read since Aug'21, while the core reading's drop to 6.00% is lowest since Jan'22 and represents the fastest drop in Y/Y core since August.

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