*Chile’s central bank (BCCh) has released its latest monetary policy report (IPoM) in which it forecasts that Chile’s GDP will grow between 2.25% and 2.75% in 2024, lowering the upper limit from 3.0% in its previous June IPoM report. The BCCh states that, while it still expects private consumption to regain momentum, “its level at the end of the forecast horizon will be lower than in the previous estimate”. The BCCh also revised up its inflation forecast, predicting it will end the year at 4.5%, up from 4.2% in its June IPoM and 3.8% in its March report. According to the report, this is mainly due to price rises in volatile components of the consumer price index (CPI), as well as the impact of the rise in electricity tariffs that occurred in June and July. The BCCh still expects inflation will converge to the 3.0% target in the first few months of 2026.
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LatinNews Daily - 5 September 2024
In brief: Chile’s central bank forecasts lower growth, higher inflation
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- In brief: Chile’s central bank forecasts lower growth, higher inflation