Rise in inflation in Brazil driven by administered prices; we have revised upwards our year-end forecast

Surprise on the rise in inflation in Chile is concentrated in a small number of products influenced by earlier tax reforms; in line with a scenario with no MPR cuts in the short term but further easing is expected in the coming months. Today we expect inflation for January from Mexico, where we expect a decline in headline inflation that would place our year-end forecast close to the centre of the central bank's target range.

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