May inflation released: sag is increasingly evident

CHILE - In Brief 09 Jun 2016 by Igal Magendzo
Inflation data for the month of May were released Wednesday. The monthly change was 0.2%, above the 0.3% expected by market analysts. The surprise was greater for the CPI excluding food and energy (IPCSAE): -0.1% versus an expected 0.2%. The 12-month variation of CPI was 4.2%, the same as last month. In the case of IPCSAE, it fell for the third consecutive month. The CPIX1, which excludes perishable food, energy, tariffs and indexed products, fell to 3.9% and is within the Central Bank's tolerance-range of 2% to 4%, for the first time since June 2014. Exchange rate linked products, such as cars and air tickets, fell again. In particular, air transport services posted their biggest drop for a May since 2009 and accumulated a decrease of 32% this year (-8.7% in 12 months). It is more and more evident that inflation begins to sag.

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