Chile's CPI (IPC) rose 0.4% in September 2026, bringing the year-to-date increase to 4.0% and the 12-month rate to 4.1%, according to the National Statistics Institute (INE). Inflation is above the Central Bank's 3% target, driven by fuel: so far this year gasoline is up 20.8% and diesel 36.8%.
This article brings together the monthly CPI series, the parts of the basket that have risen most, what the Central Bank and economists expect, and how Chile compares with the rest of Latin America. The INE will publish October's CPI in early November.
View the data as a table
| September CPI | 0.4% |
| 12-month inflation | 4.1% |
| January-September | 4.0% |
| Monetary policy rate | 4.5% |
September 2026 CPI: the INE figure
In September, eight of the basket's 13 divisions rose. The biggest contributions came from food and non-alcoholic beverages (+0.6%) and transport (+0.9%), the latter driven by fuel (+3.7% in the month). At the other end, insurance and financial services fell 5.9%. The headline index stood at 113.59 points (annual base 2023 = 100) (INE bulletin).
- CPI excluding volatile items (the core measure the Central Bank follows): +0.3% in the month.
- CPI excluding food and energy: +0.1% in the month.
- Energy: +1.9% in the month; electricity rose 1.6% and is up 2.4% this year.
- Diesel: +10.2% in the month; gasoline: +2.7%.
CPI month by month: how much it has risen in 2026
The year had two jumps: 1.0% in March and 1.3% in April, then more moderate months. Twelve-month inflation went from 2.4% in February, its lowest since August 2020 according to the press, to 4.3% in June and 4.1% in September.
| Month 2026 | Monthly change | Year to date | 12-month change |
|---|---|---|---|
| January | +0.4% | +0.4% | 2.8% |
| February | 0.0% | +0.4% | 2.4% |
| March | +1.0% | +1.4% | 2.8% |
| April | +1.3% | +2.7% | 4.0% |
| May | +0.2% | +2.9% | 3.9% |
| June | 0.0% | +2.9% | 4.3% |
| July | +0.1% | +3.0% | 3.5% |
| August | +0.6% | +3.6% | 4.1% |
| September | +0.4% | +4.1% | 4.1% |
Source: INE (Chile's statistics institute), September 2026 CPI and monthly bulletins. The year-to-date figure chains the published monthly changes and matches the one reported by the INE in each bulletin (4.0% through September).
View the data as a table
| CPI, monthly change | |
|---|---|
| Jan 2024 | 0.7% |
| Feb 2024 | 0.6% |
| Mar 2024 | 0.4% |
| Apr 2024 | 0.5% |
| May 2024 | 0.3% |
| Jun 2024 | -0.1% |
| Jul 2024 | 0.7% |
| Aug 2024 | 0.3% |
| Sep 2024 | 0.1% |
| Oct 2024 | 1.0% |
| Nov 2024 | 0.2% |
| Dec 2024 | -0.2% |
| Jan 2025 | 1.1% |
| Feb 2025 | 0.4% |
| Mar 2025 | 0.5% |
| Apr 2025 | 0.2% |
| May 2025 | 0.2% |
| Jun 2025 | -0.4% |
| Jul 2025 | 0.9% |
| Aug 2025 | 0.0% |
| Sep 2025 | 0.4% |
| Oct 2025 | 0.0% |
| Nov 2025 | 0.3% |
| Dec 2025 | -0.2% |
| Jan 2026 | 0.4% |
| Feb 2026 | 0.0% |
| Mar 2026 | 1.0% |
| Apr 2026 | 1.3% |
| May 2026 | 0.2% |
| Jun 2026 | 0.0% |
| Jul 2026 | 0.1% |
| Aug 2026 | 0.6% |
| Sep 2026 | 0.4% |
View the data as a table
| CPI 12 months | Target (3%) | |
|---|---|---|
| Jan 2026 | 2.8% | 3.0% |
| Feb 2026 | 2.4% | 3.0% |
| Mar 2026 | 2.8% | 3.0% |
| Apr 2026 | 4.0% | 3.0% |
| May 2026 | 3.9% | 3.0% |
| Jun 2026 | 4.3% | 3.0% |
| Jul 2026 | 3.5% | 3.0% |
| Aug 2026 | 4.1% | 3.0% |
| Sep 2026 | 4.1% | 3.0% |
What rose most: prices by division
Over twelve months, transport (+7.9%) leads the increases, followed by education (+5.8%), restaurants and accommodation (+5.6%) and health (+5.1%). Food, the heaviest division in the basket (22.2%), is up 4.3%. Only two divisions are down: clothing and footwear and insurance and financial services.
Inflation in Chile year by year
To put 2026 in context: December-to-December inflation was 12.8% in 2022 (press, January 2023) and fell to 3.9% in 2023 (Pauta, January 2024), 4.5% in 2024 and 3.5% in 2025. The 4.0% accumulated through September already exceeds the whole of 2025.
Inflation also explains part of what happened to pensions: the rise in interest rates that came with it hit fixed-income funds, as shown in our analysis of AFP pension fund returns in 2026.
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AdvertiseWhat comes next for CPI: Central Bank and market projections
In its September 2026 Monetary Policy Report (IPoM), the Central Bank projected inflation would end December 2026 at 4.3% and fall to 2.8% by the end of 2027 (IPoM). At its October 27 meeting, the Board kept the monetary policy rate at 4.5% and warned that inflation projections for the coming months had risen above the IPoM scenario.
According to Chócale on October 13, economists polled in the Central Bank's October Economic Expectations Survey expect inflation of 4.6% for December 2026, 3.4% by September 2027 and 3.0% by September 2028, and see the policy rate holding at 4.5% at the next two meetings.
| Source | December 2026 | 2027 | 2028 |
|---|---|---|---|
| Central Bank, September 2026 IPoM | 4.3% | 2.8% (December) | 3.0% (December) |
| Economic Expectations Survey, October 2026 (as reported by Chócale) | 4.6% | 3.4% (September) | 3.0% (September) |
| IMF, WEO October 2026 | 4.2% | — | — |
Inflation in Latin America: where Chile stands
Using the IMF's October 2026 projection for December this year (4.2%), Chile sits in the middle of the region: above Mexico (3.6%), Paraguay (3.1%) and Ecuador (2.8%), and below Colombia (6.7%). Venezuela (336.7%), Argentina (29.5%), Haiti (16.0%) and Bolivia (14.2%) still have double- or triple-digit inflation.
View the data as a table
| Dec 2026 inflation (proj.) | |
|---|---|
| Venezuela | 336.7% |
| Argentina | 29.5% |
| Haiti | 16.0% |
| Bolivia | 14.2% |
| Suriname | 12.4% |
| Colombia | 6.7% |
| Honduras | 6.7% |
| Guyana | 5.7% |
| Dominican Republic | 4.9% |
| Brazil | 4.8% |
| Uruguay | 4.5% |
| Belize | 4.5% |
| Peru | 4.4% |
| Guatemala | 4.4% |
| Chile | 4.2% |
| Nicaragua | 4.0% |
| Mexico | 3.6% |
| Paraguay | 3.1% |
| El Salvador | 3.0% |
| Ecuador | 2.8% |
| Panama | 2.5% |
| Costa Rica | 0.7% |
| Venezuela | 475.3% | 336.7% |
| Argentina | 31.5% | 29.5% |
| Haiti | 31.9% | 16.0% |
| Bolivia | 20.4% | 14.2% |
| Suriname | 11.4% | 12.4% |
| Colombia | 5.1% | 6.7% |
| Honduras | 5.0% | 6.7% |
| Guyana | 2.5% | 5.7% |
| Dominican Republic | 5.0% | 4.9% |
| Brazil | 4.3% | 4.8% |
| Uruguay | 3.7% | 4.5% |
| Belize | 0.4% | 4.5% |
| Peru | 1.5% | 4.4% |
| Guatemala | 1.7% | 4.4% |
| Chile | 3.4% | 4.2% |
| Nicaragua | 2.7% | 4.0% |
| Mexico | 3.7% | 3.6% |
| Paraguay | 3.1% | 3.1% |
| El Salvador | 0.9% | 3.0% |
| Ecuador | 1.9% | 2.8% |
| Panama | 0.4% | 2.5% |
| Costa Rica | -1.2% | 0.7% |
Note a method difference: the IMF records 3.4% for Chile in December 2025, while the INE reports 3.5% with the 2023 basket. For Chile, the official figure is the INE's.
How inflation affects your wallet
- UF and mortgages: the UF is indexed to CPI, so high inflation makes mortgage payments and rents set in UF more expensive. On September 30 the UF was worth CLP 41,057.20.
- Wages and pensions: many contracts and public-sector pay adjustments use CPI as a reference.
- Savings: a peso time deposit that yields less than CPI loses purchasing power.
- Rates: with inflation above target, the Central Bank has less room to cut its policy rate, which feeds through to the loan rates charged by Chile's largest banks.
Sources for this section: UF value on September 30, 2026, as reported by the Superintendencia de Pensiones; policy rate, Central Bank of Chile. The exchange rate also moved: the dollar rose 4.44% against the peso in September alone, according to the same regulator, which also changes the dollar value of Chile's largest fortunes, as seen in the 2026 Forbes list.
Frequently asked questions
What was Chile's CPI in September 2026?
0.4% month on month, with 4.0% year to date and 4.1% over twelve months, according to the INE.
When is October's CPI released?
In 2026 the INE has released CPI between the 6th and 8th of each month; October data comes out in early November.
How much inflation will there be in 2026?
The Central Bank projected 4.3% in its September IPoM, and economists in the October survey expect 4.6% for December.
What is CPI excluding volatile items?
It is CPI without the most volatile items, such as some food and energy. The Central Bank uses it as its core inflation measure; it rose 0.3% in September.
