Chile: September’s CPI rise 0.8% MoM, slightly above market expectations

Summary

September’s CPI came out at +0.8% MoM and +4.9% YoY (consensus and BBVAe: 0.7% MoM), accumulating an increase of 4% YtD. In line with our estimation, this print was mainly driven by foodstuffs and transportation. Additionally, we consider the September's inflation figures supports the option of a pause in the MPR at October’s meeting, although another 25 bp cut in rates to 3.00% will be consider as policy option. In any case, dovish bias should not suffer changes. Finally, for October’s CPI we preliminary forecast an increase between 0.2% and 0.3% MoM.

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