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March CPI Due At 1300BST/0800ET

CHILE
  • The central bank of Chile had used Tuesday’s policy statement to pre-empt the tone of the March IPoM by highlighting that “the economy is adjusting more slowly than expected and inflation is taking longer to come down.”
  • Within the IPoM, the central bank stated that “for inflationary convergence to consolidate, among other factors, the resolution of the imbalances that have affected the economy in recent years should be considered, including a significant slowdown in consumption, the activity gap gradually turning negative and core inflation showing a clear downward trend.”
  • The Consumer price forecast for year-end 2023 was revised up a full percentage point to 4.6%, while year-end 2024 remained at 3%. BCCh President Costa went on to say she expects single digit inflation in second quarter.
  • The National Statistics Institute will release consumer price data for March at the top of the hour:
    • March CPI M/m, est. 1.1%, prior -0.1%
    • March CPI Y/y, est. 11.1%, prior 11.9%

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