Chile Producer Inflation Eases in February

Chile's producer prices rose 12.9% year-over-year in February 2026, easing from 14.2% in January. Mining prices increased at the fastest pace, up 25.1% from a year earlier, driven by copper prices rising 25.3%. Utilities prices also rose 3.6%. In contrast, manufacturing recorded deflation, with prices down 1.5%. On a monthly basis, the PPI fell 2.0%, bringing the year-to-date decline to 1.4%. Mining drove the drop with a 2.9% decrease, followed by utilities at 1.8%. Copper was the main driver, falling 3.4%.

Chile’s producer prices rose 14.2% year-over-year in January 2026, the fastest pace since July 2024, accelerating from 12.8% in December. Mining led the surge with a 27.8% annual gain (up from 22.8%), while utilities rose more moderately at 6% (down from 11.5%). Manufacturing deflation deepened to -2.6%, worsening from -0.8% the prior month. On a monthly basis, the PPI climbed 3.5% in January, driven largely by mining (6.8%). In contrast, electricity, gas, and water distribution, along with manufacturing, each fell 0.8% month-over-month. Copper (7.0%) contributed the most to the monthly increase.

Producer prices in Chile rose by 12.8% year-on-year in December 2025, marking the fastest increase since July 2024 and accelerating from an 8.9% rise in November. Prices increased more sharply in mining (22.8% versus 14.6%) and utilities (11.5% versus 11.1%) while manufacturing cost continued to decline (-0.8% versus -0.1%). Compared to the previous month, producer prices increased by 3.8%, primarily driven by the mining sector (6.9% versus -1.3%), particularly due to a 7% increase in copper prices. Additionally, prices sped up for manufacturing (0.1% versus -0.7%), supported by the manufacture of other fabricated metal products (4.6% versus -2.3%), while utilities inflation slowed (0.6% versus 1%), mainly due to a deceleration in water collection, treatment, and distribution prices (1.5% versus 4.7%).