Senator Javier Macaya, president of the Senate Finance Committee, drew sharp criticism this week after posting a flawed comparison of international inflation rates on X, the platform formerly known as Twitter. Macaya attempted to contrast Chile’s 1.0% monthly inflation rate for March against the annual accumulated inflation figures of Brazil, Mexico, and the United Kingdom.
In his initial post, the UDI senator argued that Chile’s current economic management outperformed nations led by center-left governments. "Data kills narrative," Macaya wrote, citing Brazil at 3.8%, Mexico at 4.0%, and the UK at 3.0% to suggest that higher government subsidies correlate with higher inflation.
However, the comparison failed to account for the difference between a single month of data and a 12-month rolling average. While Chile’s monthly inflation for March was indeed 1.0%, the country’s accumulated inflation over the previous 12 months was 2.8%, a figure that would have provided a more accurate benchmark for international comparison.
A flawed economic comparison
Journalist Daniel Matamala publicly challenged the senator’s methodology shortly after the post went viral. "Senator, you are comparing apples to oranges; Chile's monthly inflation with the annual inflation (accumulated in the last 12 months) of Brazil, Mexico, and the United Kingdom," Matamala wrote in a reply.
Following the correction, Macaya updated his stance in the same thread without formally acknowledging the initial error. He provided a new set of figures, stating: "Apples to apples: Chile 2.8% annual. Brazil 3.8%. Mexico 4.0%. UK 3.0%. Spain 3.3%. Those who spent more on subsidies have higher inflation than Chile."
As head of the Senate Finance Committee, Macaya oversees legislative discussions on fiscal policy, public spending, and tax reform. His initial post had also targeted the current administration, claiming that the first Consumer Price Index (IPC) report under President Gabriel Boric stood at 1.9%, double the current rate. He accused critics of the government’s economic policies of populism.
The inflation data cited by the senator originated from the National Statistics Institute (INE), which released its latest bulletin this Wednesday. While the report confirmed the 1.0% monthly increase, it also explicitly detailed the 2.8% annual accumulation. The incident highlights the volatility of public discourse surrounding economic indicators in an increasingly polarized political environment.
