Inflation has risen to levels not seen for decades, and its negative effects on households are reflected in public concern about this phenomenon. In addition, the two-year inflation expectations of economists and financial traders remain above 3%, and business expectations over longer horizons have also risen. It is important to note that long-lasting high inflations become more persistent and evidence shows that the cost of adjusting to them rises, with the consequent impact on the welfare of the population. The Board will be carefully monitoring the evolution of the macroeconomic scenario, ensuring that inflation convergence to the target is secured over the two-year policy horizon. Concluding remarks  Dear senators in this Commission, in closing I will share with you some good news and a personal thought. About the good news, as we announced in September 2021, on 23 June we will publish regional GDP on a quarterly basis. This is an important leap forward in the process of improving our economic statistics; it provides valuable information both for economic analysis and for public policy decisions, as it increases the frequency and timeliness with which we will be able to know the state of the regional economy, information that until today existed only in annual frequency. It is also a long-standing wish of many senators who, because of their close ties with the regions, require more detailed and regular information on the performance of the areas they represent.
10  Figure 1 Inflation (1) (2)  Core inflation (1) (2)  (annual change, percent)  (annual change, percent)  18  Headline CPI  14  Core CPI  Volatiles CPI  15  Goods  Services  12 10  12  8 9 6 6  4  3  2  0  0 15  16  17  18  19  20  21  22  -2  15  16  17  18  19  20  21  22  (1) Dotted vertical lines show statistical close of March 2022 Report. (2) For details on the different groupings and their share in headline CPI basket, see box IV.1 in December 2019 MP Report, Carlomagno and Sansone (2019), and Economic glossary. Sources: Central Bank of Chile and National Statistics Institute (INE). Figure 2 Cumulative inflationary surprises in MPR reports (percentage points) 2  Core goods excl. foods Other volatiles  Total foods (*) Core services  Volatile energy Total surprise  1,6 1,2 0,8 0,4 0 -0,4 Jun.21  Sep.21  Dec.21  Mar.22  (*) Sum of volatile and non-volatile foods. Sources: Central Bank of Chile and National Statistics Institute.