SANTIAGO (Reuters) – Consumer prices in Chile rose 0.5% in March from the previous month, data from statistics agency INE showed on Tuesday, in line with market expectations in a Reuters poll of economists.
Annual inflation in the world’s largest copper producer hit 4.9%, INE added, accelerating from the 4.7% registered the previous month and above the central bank’s 2% to 4% target range.
The rise was led by the higher cost of food and non-alcoholic beverages as well education, the report said, adding that 9 of the 13 sectors surveys showed an increase in prices.
Transportation though, registered a notable decrease in prices, aided by a drop in fuel prices for personal vehicles as well as bus fares.
The numbers came a day after the central bank released its meeting minutes for its March decision to hold the interest rate steady at 5%. In its statement, the bank said that holding the rate steady was the only option due to global uncertainty and the “significant risks facing the inflationary outlook”.
(Reporting by Natalia Ramos; Writing by Isabel Teles; Editing by Alexander Villegas and David Evans)
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