CPI (Consumer Price Index) in Chile

The Consumer Price Index (CPI) measures the change in the price of a representative basket of goods and services bought by Chilean households. Published by the INE, it is Chile's official gauge of inflation and the benchmark for the central bank's 3% target.

Each month the INE collects prices for a fixed basket (2023=100) across the country's main cities and computes the monthly, year-to-date and year-on-year change in the headline index, not seasonally adjusted.

Chile's key inflation reading: an upside surprise reinforces expectations of a higher policy rate (TPM) from the Banco Central de Chile and tends to support the peso, while a softer print opens the door to rate cuts.

The fixed basket is only refreshed every few years and can lag shifts in spending patterns; the headline index can be heavily swayed by volatile components such as food and energy.