Central Bank of Chile

February 12, 2015

Chile’s central bank interest rate was left at 3.0% after this month’s policy meeting.  It was cut eight times between January 2012 and September 2014, falling from 5.0% to the current level.  But inflation lately has been simply to high in Chile for monetary officials to proceed further.  January’s 4.5% on-year pace surpassed private-sector forecasts and the expectations of central bank officials.  A statement released today promises to monitor the evolution of inflation “with special attention.”  The target is 2-4%, and measures of medium-term expected inflation remain smack in the middle of that band.  The bank’s forecast calls for continuing above-target inflation “for some months.”  The growth outlook hasn’t changed since the last full review in December.

Copyright 2015, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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