Chile's Bachelet: Government Taking Measures To Curb Inflation
Friday July 4th, 2008 / 20h18
SANTIAGO -(Dow Jones)- The Chilean government has already begun taking measures to curb inflation, currently nearing double digits, President Michelle Bachelet said Friday. "We haven't waited for inflation to reach current levels before taking measures," Bachelet told reporters after delivering the inaugural speech at a seminar. She said earlier in the year, the government already increased the minimum wage, gave the poorest families a $40 voucher for their electricity bills and other vouchers earmarked for the elderly and the retired. "The government has been working seriously and responsible, considering every factor that allows us to weather the inflationary process," Bachelet said. Earlier this week, the government statistics institute reported a 1.5% on-month increase in the consumer price index in June, which brought annualized inflation to 9.5%. The sharp increase was mostly the result of higher fuel prices, the institute said. The higher fuel prices prices have not only hiked transportation prices but also hurt power-generation costs, as most thermal generators have been running on diesel after Argentina cut off most of its natural gas exports to Chile. "In the trend inflation curve, one can see the cost of electricity has had a strong impact," Bachelet said. She added energy prices will likely retreat in the near term, easing their impact on consumer prices. -By Carolina Pica, Dow Jones Newswires; 56-2-820-4244; carolina.pica@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=N3pJNd1FyFKKQZIFIr7Pgg%3D%3D. You can use this link on the day this article is published and the following day.
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