Latin America Economy in December 2014

Source: OPEC 1/12/2015, Location: South America

In Chile, inflation continued its upward path started in October 2013. The country’s CPI increased 5.6% y-o-y in October 2014, up from 4.9% in September. Inflation has stayed higher than the central bank’s target range of 2-4% for seven months, even as the economy grows at its slowest pace since the 2009 recession. This was mainly an outcome of interest rate cuts since September of last year when interest rate was at 5.0%. Since then, the central bank reduced the borrowing cost by 2 pp to 3.0% last month. GDP growth in Chile decelerated to 0.8% in the 3Q14, down from 2.7% and 1.9% in the 1Q and the 2Q, respectively. The slowing momentum is attributed to the fall in capital expenditure of around 10% which was led by a nearly 25% drop in investment on machinery and equipment.

Consumer price inflation in Colombia increased to 3.3% in October, up from 2.9% a month earlier, while price increases slowed in Uruguay to 8.1% in October, down from 8.4% in September.

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