In Brazil, inflation was above the central bank’s upper limit and activity in Chile continued to be anaemic

In Brazil, inflation continued with the downward trend in annual terms, in line with expectations. We revise our forecast for the year slightly upwards, and still expect continued moderation in December driven by base effects. In Chile, CPI inflation registered a null variation, while the economic activity indicator continued with slow progress, supporting our vision of additional monetary stimulus in the first quarters of 2015.

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