Chilean MPC speeds up tightening, citing higher inflation risks

Central Bank of Chile
Photo: Central Bank of Chile/Flickr

The Central Bank of Chile’s board sharply raised its policy rate by 125 basis points on October 13, accelerating the tightening cycle started in July.

The board unanimously voted to increase interest rates to 2.75% – a larger rise than most market analysts expected. The central bank started to tighten policy in July, when it increased rates from 0.5% to 0.75%. In August it sped up the process, raising rates to 1.5%.

The board’s statement said the macroeconomic environment “has increased the

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