The Central Bank of Chile's rate-setting board voted to raise the monetary policy interest rate unexpectedly by 25 basis points to 6% on Thursday.
The surprise hike indicates that costs are accelerating at a faster pace than the central bank had previously predicted.
The central bank said the hike was needed to reduce the risks of current high inflation to costs and expectations so as to ensure that annual inflation will hit 3% in the medium-term.
Annual CPI inflation continued to rise and no
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