The CPI, or Consumer Price Index (IPC in Spanish), measures how much the prices of a basket of goods and services bought by Chilean households change. It is calculated every month by the National Statistics Institute (INE). When annual inflation is said to be 4.1%, it means the basket costs 4.1% more than twelve months earlier. It is one of the country's most important economic figures because the UF, many rents, wage adjustments and the Central Bank's interest rate all depend on it.
What the latest CPI was
The September 2026 CPI, published on October 8, rose 0.4% in the month, according to INE data reported by El Desconcierto:
| Indicator | September 2026 |
|---|---|
| Monthly change | 0.4% |
| Year to date | 4.0% |
| 12 months | 4.1% |
| CPI excluding volatile items (monthly) | 0.3% |
| CPI excluding food and energy (monthly) | 0.1% |
| Central Bank target | 3% a year, with a one-point band either way |
Eight of the thirteen divisions rose. The biggest drivers were food and non-alcoholic beverages (+0.6%) and transport (+0.9%), with diesel up 10.2% in the month. The largest fall was in insurance and financial services (-5.9%).
How the CPI is calculated
- A fixed basket: INE defines which goods and services are included, based on the Household Budget Survey (EPF), which records what households spend on.
- A weight for each product: what is bought more counts more. Bread or electricity matter more than an item almost nobody buys.
- Prices collected every month: field staff and administrative records capture prices in shops, services and tariffs.
- An index: prices and weights produce a number that is compared with the previous month and with twelve months earlier.
The index has a base. The current one is 2023 = 100 and has been used since January 2024. According to the Central Bank, the basket was built from the 9th Household Budget Survey, conducted between October 2021 and September 2022. To enter the basket, a product had to appear in at least four of the five income quintiles and account for at least 0.02% of spending.
The divisions of the CPI basket
The 2023 basket groups spending into thirteen divisions. With the update, the old miscellaneous goods and services division was split to create a new one for insurance and financial services, and food and housing gained weight.
| Division | Examples of what it includes |
|---|---|
| Food and non-alcoholic beverages | Bread, meat, fruit, vegetables, dairy |
| Alcoholic beverages and tobacco | Wine, beer, cigarettes |
| Clothing and footwear | Clothes, shoes |
| Housing and utilities | Rent, electricity, water, gas |
| Household furnishings and maintenance | Furniture, appliances, cleaning products |
| Health | Medicines, consultations, tests |
| Transport | Fuel, cars, fares |
| Information and communication | Phone, internet, devices |
| Recreation and culture | Entertainment, package holidays |
| Education | Enrolment and tuition |
| Restaurants and accommodation | Eating out, hotels |
| Insurance and financial services | Insurance, bank fees |
| Personal care and other | Hairdressers, toiletries |
The examples are illustrative. The exact list of products and their weights is in INE's published methodology.
What is adjusted by the CPI
| What | How the CPI is used |
|---|---|
| The UF | Its daily value follows the previous month's inflation, from the 10th of one month to the 9th of the next |
| Rents and mortgages | Many contracts are in UF or adjusted by the CPI |
| Pensions and benefits | Several state benefits are adjusted by the CPI |
| Wages | Many collective agreements and the public-sector adjustment use inflation as a reference |
| Interest rate | The Central Bank raises or lowers its policy rate to bring inflation to 3% |
How the CPI feeds into the UF is explained in what the UF is and how it is calculated. For the years of highest and lowest inflation, see the ranking of inflation in Chile over the last 50 years.
Headline CPI, CPI excluding volatile items and core inflation
- Headline CPI: the full basket.
- CPI excluding volatile items: leaves out products whose prices swing a lot from month to month, such as fruit, vegetables and fuel. It shows the trend.
- CPI excluding food and energy: another trend measure the Central Bank follows closely.
- Goods and services CPI: separates what can be stored or imported from what is provided locally.
When the CPI is published
INE publishes the CPI once a month, usually around the 8th, with the previous month's figure. The calendar is at ine.gob.cl.
What rose and what fell in September
| Product or group | September change | 2026 year to date |
|---|---|---|
| Diesel | +10.2% | +36.8% |
| Vehicle fuels | +3.7% | +20.8% |
| Petrol | +2.7% | n/a |
| Electricity | +1.6% | +2.4% |
| Potatoes | +8.6% | n/a |
| Lettuce | +10.5% | n/a |
| Domestic air travel | +16.3% | n/a |
| International air travel | -18.7% | n/a |
| Insurance | -7.7% | -11.1% |
"n/a": not available in the source consulted. The figures are INE's, as published by El Desconcierto. A single month can show sharp rises in one product and falls in another, which is why the CPI is read alongside its trend measures.
The 2024 basket change and the spliced series
From time to time INE updates the basket to reflect what households spend on today. When moving from the 2018 basket to the 2023 one, INE published a spliced series: up to 2023 it uses the old basket and from January 2024 the new one. The Central Bank calculated a reference series with the new weights and found annual inflation to January 2024 of 3.2%, compared with 3.8% in the official series. The gap shows how much the basket matters to the result.
CPI, UF and IVP: three different things
| Indicator | What it is | Published by |
|---|---|---|
| CPI (IPC) | Consumer price index | INE |
| UF | Unit of account adjusted by the CPI | Central Bank |
| IVP | Average value index, another inflation-adjusted unit used in some deposits | Central Bank |
Frequently asked questions
What does IPC mean?
Índice de Precios al Consumidor, the Consumer Price Index. It measures how much the prices of a basket of goods and services bought by households change.
Who calculates the CPI in Chile?
The National Statistics Institute (INE).
What was the September 2026 CPI?
0.4% in the month, 4.0% year to date and 4.1% over twelve months.
Are the CPI and inflation the same thing?
Inflation is the general rise in prices; the CPI is the index used to measure it in Chile.
Why does the CPI affect the UF?
Because the UF is adjusted day by day according to the previous month's CPI change.
