In its monthly monetary policy meeting, the Board of the Central Bank of
Chile decided to raise the monetary policy interest rate by 25 basis points, to
3.5%.
The external scenario continues to show a deterioration of emerging economies, largely due to a
relapse of commodity prices and not-so-favorable global financial conditions. The world economic
outlook posted no major change from last month, although lately the global growth forecast has
been reduced. The Federal Reserve increased the policy rate, causing no immediate disruption in
the global financial markets.
On the domestic front, annual CPI inflation declined to 3.9%, but is expected to again exceed 4%
shortly. Core inflation —the CPIEFE— is still close to 5% y-o-y. Meanwhile, inflation expectations
two years out remain at 3%. The evolution of these variables will continue to be monitored with
speciall attention. Partial fourth-quarter data continue to show limited growth in domestic output
and demand. Confidence indicators remain in pessimistic territory. Job creation and wage growth
are still dynamic.
The future path of the monetary policy rate considers measured adjustments aimed to ensure the
convergence of inflation to the target, at a pace that will depend on incoming information and its
implications on inflation. The Board reiterates its commitment to conduct monetary policy with
flexibility, so that projected inflation stands at 3% over the policy horizon.
In its monthly monetary policy meeting, the Board of the Central Bank ofChile decided to raise the monetary policy interest rate by 25 basis points, to3.5%.The external scenario continues to show a deterioration of emerging economies, largely due to arelapse of commodity prices and not-so-favorable global financial conditions. The world economicoutlook posted no major change from last month, although lately the global growth forecast hasbeen reduced. The Federal Reserve increased the policy rate, causing no immediate disruption inthe global financial markets.On the domestic front, annual CPI inflation declined to 3.9%, but is expected to again exceed 4%shortly. Core inflation —the CPIEFE— is still close to 5% y-o-y. Meanwhile, inflation expectationstwo years out remain at 3%. The evolution of these variables will continue to be monitored withspeciall attention. Partial fourth-quarter data continue to show limited growth in domestic outputand demand. Confidence indicators remain in pessimistic territory. Job creation and wage growthare still dynamic.The future path of the monetary policy rate considers measured adjustments aimed to ensure theconvergence of inflation to the target, at a pace that will depend on incoming information and itsimplications on inflation. The Board reiterates its commitment to conduct monetary policy withflexibility, so that projected inflation stands at 3% over the policy horizon.
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