The measure, which surprised the market – where a smaller increase of 125 basis points was expected – is the largest increase that the Central Bank has made since it began its policy of increasing the rate in July of last year after 30 months of keeping it stable. at 0.50%. In this way, faced with the acceleration of inflation, the rate has already grown five points in six months.
During 2021, inflation in Chile was more than double the tolerance range of 3% per year established by the Central Bank itself.
“The rise in prices was generalized among the different items in the basket,” explained the Issuing Institute in the statement.
Prices in Chile occurred in a context of excess liquidity after the large social aid provided by the government of the conservative Sebastián Piñera until December to deal with the effects of the pandemic.
Additionally, the three early withdrawals from private pension funds approved in Congress amid great social pressure were added.
Everything, in a context of global increase in the price of raw materials, especially oil, which has a strong impact on the economy of Chile, a net importer of this fuel.
“The risks for the evolution of inflation continue to be significant and its eventual realization becomes especially relevant in a context in which both the annual variation of the CPI and its perspectives are already high,” warned the Central Bank, adding that “inflationary pressures derived on the international stage have increased”.
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