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Chile's inflation quickens in October, led by higher fuel prices

By Reuters News

SANTIAGO, Nov 6 (Reuters) - Consumer prices in Chile rose 0.5% in October compared with the previous month as fuel costs jumped, data from statistics agency INE showed on Friday, speeding up from 0.4% in September but falling short of forecasts.

The monthly rate was slightly below a Reuters poll of economists that forecast a 0.6% increase.

The jump in fuel prices comes after Chile's central bank warned in October that rising cost pressures such as oil could spread to other prices with greater force.

In October, 6 of the 13 sectors surveyed recorded price increases.

"There were notable increases in the transport sector, as well as in the food and non-alcoholic drinks sector," INE said in a statement. Transport prices rose 2% and food and non-alcoholic drink prices rose 1% compared with the prior month.

Fuel for personal vehicles led the transport increase, rising 5.6% on month, INE said. Gasoline prices rose 4.5%, it added.

Annual inflation in the world's largest copper producer hit 4.5%, INE added, accelerating from the 4.1% registered in the previous month and moving further above the top end of the central bank's target range.

Chile's central bank, which held its benchmark interest rate in October in a unanimous decision, targets inflation of 3%, with a tolerance range of 2% to 4%.

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