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Downside Surprise For CPI Welcome News For BCCh

CHILE
  • Inflation data in Chile for October slowed for a second consecutive month, increasing optimism that the nation’s worst consumer price surge in decades has peaked.
    • Chile Oct. Consumer Prices Rise 0.5% M/m, Est. +0.9% (BBG)
    • Chile Oct. Consumer Prices Rise 12.8% Y/y, Est. +13.3% (BBG)
  • This data, combined with the significant move lower in USDCLP from roughly 1,000 to 920, should considerably ease the pressure on the central bank, who have signalled the hiking cycle is complete and that they aim to maintain the MPR at 11.25% for some time to haul inflation to its 3% target.
  • Reducing economic imbalances and uncertainty is essential to control inflation in Chile, central bank President Rosanna Costa said in a speech on Nov. 2. Policy makers see annual inflation ending this year at 12% before easing to 3.3% at the end of 2023, according to their latest forecasts.
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