Chile | CPI inflation surprisingly increased 0.7% MoM in August

Summary

CPI increased 0.7% MoM in August (+5.0% YoY), way above expectations (BBVA: +0.4% MoM; consensus: +0.5% MoM). The print was driven by increases in foodstuffs, apparel and fuel as expected; nonetheless surprises came out mainly in foods and telecom fares. In this context we do not rule out the possibility of a more hawkish message at this month’s monetary policy meeting.

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