Chile's Consumer Price Index (CPI) rose 0.5% in October 2026, the National Statistics Institute (INE) reported on Friday, November 6. Inflation for the year to date reached 4.5% and the 12-month rate accelerated to 4.5%, from 4.1% in September. It is the highest annual figure of 2026 and sits 1.5 points above the Central Bank's 3% target.
The increase was in line with forecasts: the Central Bank's Survey of Financial Traders expected 0.5%, according to Diario Financiero. There were two drivers: transport, up 2% because of fuel, and food and non-alcoholic beverages, up 1%. For household budgets, the most direct effect comes through the UF, which will rise by about 0.5% between November 10 and December 9.
View the data as a table
| Monthly change | 0.5% |
| Year to date | 4.5% |
| 12-month change | 4.5% |
| Central Bank target | 3% |
What rose in the October 2026 CPI
Of the 13 divisions in the basket, six had a positive contribution, five a negative one and two were neutral, according to the INE bulletin. Transport contributed 0.265 percentage points of the month's 0.5 points and food 0.231. Together they explain almost all of October's CPI. The steepest fall was in clothing and footwear, down 4.1% with a contribution of -0.098 points.
| Division | Monthly change | Contribution (percentage points) |
|---|---|---|
| Transport | +2.0% | +0.265 |
| Food and non-alcoholic beverages | +1.0% | +0.231 |
| Four other rising divisions (combined) | — | +0.201 |
| Clothing and footwear | -4.1% | -0.098 |
Source: INE, October 2026 CPI. INE's release does not detail the other four divisions with a negative contribution.
Gasoline, diesel and airfares: the products that moved the CPI
Within transport, gasoline rose 4.5% in the month and is up 26.2% this year, while diesel jumped 12.3%, a 53.5% increase so far in 2026, according to the breakdown published by Diario Financiero based on INE data. International air travel rose 13%. It is the effect of the expensive oil of recent months, which the Central Bank described as a cost shock in the minutes of its last meeting.
Some declines partly offset the rise: internet connection fell 14.7% and domestic air travel 11.8%. Oil also changed direction this week after the US midterm elections, something not yet reflected in the October CPI. We explain it in what the oil slump means for gasoline and the dollar in Chile.
Inflation in 2026 month by month
Annual inflation went from 2.8% in January to 4.5% in October. The main jump came in April, when the CPI rose 1.3% in one month and the annual rate went from 2.8% to 4.0%, as the oil rally began. After a pause in July (3.5%), it climbed again. The full analysis of the year is in our guide to CPI and inflation in Chile in 2026.
| 2026 month | Monthly change | 12-month change |
|---|---|---|
| January | +0.4% | 2.8% |
| February | 0.0% | 2.4% |
| March | +1.0% | 2.8% |
| April | +1.3% | 4.0% |
| May | +0.2% | 3.9% |
| June | 0.0% | 4.3% |
| July | +0.1% | 3.5% |
| August | +0.6% | 4.1% |
| September | +0.4% | 4.1% |
| October | +0.5% | 4.5% |
Source: INE, monthly CPI bulletins (September and October 2026).
View the data as a table
| CPI 12 months | Central Bank target | |
|---|---|---|
| Jan | 2.8% | 3.0% |
| Feb | 2.4% | 3.0% |
| Mar | 2.8% | 3.0% |
| Apr | 4.0% | 3.0% |
| May | 3.9% | 3.0% |
| Jun | 4.3% | 3.0% |
| Jul | 3.5% | 3.0% |
| Aug | 4.1% | 3.0% |
| Sep | 4.1% | 3.0% |
| Oct | 4.5% | 3.0% |
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See advertising optionsHow much the UF rises with the October 2026 CPI
The UF is adjusted daily between the 10th of each month and the 9th of the next according to the previous month's CPI. With October's 0.5%, the UF will rise by about 0.5% between November 10 and December 9. On November 9 it will be worth CLP 41,295.46, according to the values published by the SII; with October's increase it would reach about CLP 41,500 on December 9 (our calculation; the SII publishes the exact value). Here is how it works, in our guide to the UF value.
- UF mortgage payment: a payment of UF 15 would go from about CLP 619,400 to about CLP 622,500 in one month (our calculation using the UF values above).
- Rents, school fees and health plans in UF rise in the same proportion.
- Deposits and savings in UF keep their purchasing power: indexation offsets inflation.
What it means for the Central Bank rate
The monetary policy rate (TPM) has been at 4.5% since December 2025. At its October meeting, all five board members considered raising it to 4.75%, although they voted to hold, according to the minutes published on November 4. A CPI that keeps accelerating strengthens that debate for the next meeting on December 15. The details of the discussion are in our article on the Central Bank's October minutes.
October's figure already exceeds the Central Bank's own year-end projection: in the September Monetary Policy Report it estimated 4.3% inflation for December 2026. With this week's drop in oil, November and December could bring less pressure from fuel, but that will depend on how much passes through to gasoline prices, which in Chile are adjusted weekly through the Mepco stabilization mechanism.
Wages, for now, are ahead: the nominal wage index rose 7.7% year on year in September, and the labor cost index 8.4%, the INE reported on November 5. Both exceed that month's 4.1% inflation.
- Nov 6, 2026October CPI: 0.5%Annual inflation of 4.5%
- Nov 10The UF starts adjustingRises about 0.5% through December 9
- Nov 27August-October employmentINE
- Dec 7November CPIINE
- Dec 15Monetary Policy MeetingRate currently 4.5%
Frequently asked questions about the October 2026 CPI
What was the October 2026 CPI?
0.5% month on month, according to INE. 12-month inflation reached 4.5%, as did year-to-date inflation.
What rose the most?
Transport (+2%), because of gasoline (+4.5%) and diesel (+12.3%), and food and non-alcoholic beverages (+1%).
How much does the UF rise in November?
About 0.5% between November 10 and December 9, from CLP 41,295.46 to about CLP 41,500.
When is the November CPI released?
On Monday, December 7, 2026 at 8:00 a.m., according to INE's calendar.
