Alfredo Ovalle: "We can defeat inflation if we all tighten our belts a bit"

SANTIAGO.- The president of the Production and Trade Confederation (CPC), Alfredo Ovalle, stated today that the country must remain optimistic about the economy despite the high inflation rate reported for July.

Ovalle also said that the CPI figure for July demonstrates that there is a “pattern that indicates we will have a much higher level of inflation than what was originally expected”.

With regards to the interest rate, Ovalle asserted that this new CPI, coupled with the 5% Monthly Economic Indicator (IMACEC) reported for June, implies that the Central Bank should take action. 

Ovalle also explained that, faced with the current situation, it is not appropriate to be talking about a crisis.  “The truth is that this is a desperate situation that leaves us very few options (…) we are not in a crisis, adequate policies are being adopted by authorities from both the government and the Central Bank”, he assured.