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Chile: Central Bank of Chile holds rates in September
Latest bank decision: At its September meeting, the Central Bank of Chile held its monetary policy interest rate at 4.75%, following 650 basis points of cuts from mid-2023 to July 2025.
Higher-than-expected core price pressures drive hold: The Central Bank likely decided to pause its easing cycle due to higher-than-expected recent core inflation, and upward revisions to core inflation forecasts for the coming year. Moreover, the domestic economy was stronger than expected in Q2, and salaries continue to rise robustly.
Further cuts a possibility: The Central Bank suggested it wouldn’t cut rates until it had gathered more information on the persistence of inflation. As a result, there are upside risks to our current Consensus of more monetary easing by the end of 2025.
