Chile remains one of the economies with the lowest inflation rates in South America, according to a report by latercera.com. Despite a slight uptick in the price index, the country ranks eighth in the regional standings based on data from March 2026.
Rising energy costs, driven by instability in the Middle East, have had a varied impact across South American nations. While some countries saw prices decline, others faced upward pressure on basic utility services.
In Chile, year-on-year inflation rose from 2.4% in February to 2.8% in March. This shift is primarily attributed to rising gasoline prices, a factor that analysts predict will have a greater impact on April's figures.
Regional Outlook
Venezuela continues to lead the regional inflation rankings, with prices jumping from 618% in February to 649% in March. According to the Venezuelan central bank, this surge was driven by price hikes in education, dining, and transportation.
Argentina holds the second spot with an inflation rate of 32.6%, showing a slight decrease from the 33.1% recorded in February. The country continues to face pressure from adjustments in public utility, transport, and education tariffs.
Bolivia sits in third place after recording a significant drop, falling from a year-on-year rate of 17.41% in February to 15.05% in March. This decline is due to falling food and transportation costs.
Other countries in the region show mixed results. Colombia's inflation rose from 5.29% to 5.56%, while Brazil's increased from 3.81% to 4.14%. Peru also reported an uptick, moving from 2.21% to 3.8%.
At the lower end of the spectrum, Uruguay managed to reduce its inflation from 3.11% to 2.94%. Meanwhile, Ecuador saw its index rise from 2.33% to 2.56%.