Inflation skyrockets, reaching 1.2% in May

SANTIAGO.- The Consumer Price Index (CPI) registered a monthly increase of 1.2% for the month of May, making for an accumulated inflation rate of 2.8% for the first five months of this year.

The figure is the most significant increase for the month of May since 1994, when inflation registered a 1.4% jump.  Meanwhile, it is also the greatest monthly variation since March of 2003, when inflation also rose by 1.2%.

According to the National Statistics Institute (INE), the indication brings the inflation rate observed over the last twelve months to 8.9%.

The market had forecasted an inflation increase of between 0.4% and 0.6% for the fifth month of this year.

According to the National Statistics Institute, the most significant price hikes were reported in the sectors of Others (2.9%), Transportation (2.7%) and Foodstuffs (1.9%).

During May, price escalations affected seven of the eight sectors used to calculate the CPI.  Household Appliances was the only group that did not report an upsurge in prices.