In January 2026, Chile’s Consumer Price Index (CPI) increased 0.4% MoM, with the annual inflation rate at 2.8% YoY (see our chart pack for more details). The results were in line with expectations, and bring headline inflation below the BCCh’s 3% target. However, CPI excluding volatile items rose 0.7% MoM, driving the annual figure up to 3.44% from 3.33%. The base effects in the coming months for ex vol inflation are relatively challenging, suggesting the key inflation series the BCCh tracks will unlikely converge to the target within the next few months.
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