Inflation in Chile climbs to 3 percent in 2020

Chile's President Sebastian Pinera delivers a speech in Santiago, Chile

Inflation rate in Chile increased by 0.3 percent in December, rising to 3 percent for the year 2020, said the National Institute of Statistics (INE) on Friday.

In the last month of 2020, there was an increase in the prices of clothing and footwear by 3.7 percent, and of household equipment and maintenance by 0.8 percent, according to a report from the INE.

On the other hand, prices of alcoholic beverages and tobacco dropped by 1.1 percent.

In addition, out of the 12 consumer goods and services that make up the country’s consumer price index basket, nine had a positive impact on December’s monthly variation indicator, while the other three had a negative impact.

Among those that saw price increases were the intercity bus service with 13 percent, chicken with 3.2 percent, insurance with 3.7 percent and toys with 6.5 percent, respectively. Meanwhile, prices fell for tomatoes by 15.2 percent and new cars by 1.4 percent.

On Friday, the country’s Minister of Finance Ignacio Briones assured that the figures “were within the Central Bank’s expected target range, which is important.”

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