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The global slowdown makes the domestic recovery more difficult.

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 inf…

In the first case we maintain our forecast that inflation will maintain its downward path and will be within the target range by the end of the year; we reiterate our expectation of additional adjustments in the Selic rate. In Chile we estimate…