Chile March CPI came in at 0.50% MoM and 4.9% YoY (see our chart pack for details), in line with Bloomberg consensus expectations and just above market pricing of 0.48% MoM. The print was driven largely by food and non-alcoholic beverages (volatiles) and seasonal education adjustments (non-volatiles). Most other components remain well anchored. Ex-volatiles printed at 0.42% MoM (3.65% YoY), with the annual figure falling 21bp versus February. Core printed at 0.38% MoM (3.64% YoY), with the annual figure down 16bp versus February. Inflation expectations are still relatively well anchored, with two-year inflation expectations at the 3% target and the 1Y trending lower and likely to continue as electricity price contribution fades.
For more, including market takeaways, please see full note.