Figure 6 World inflation (*) a) Headline inflation  b) Core inflation  (annual change, percent)  (annual change, percent)  U.K. U.S.  10  10  Latin America Eurozone  8  8  6  6  4  4  2  2  0  0  -2  -2 00 02  04  06  Eurozone Latin America  U.K. U.S.  00 02 04 06 08 10 12 14 16 18 20 22  08 10 12 14 16 18 20 22  (*) For Latin America, the simple average of annual inflation of Brazil, Colombia, Mexico, and Peru is used. Sources: Statistics bureaus of respective countries. 13  Figure 7 Waiting times at Chinese ports (average wait, in days)  3.5  China  Shipping costs (1) (index, 2018=100)  1,400  Shanghai  Commodity prices (2) (index, 2018=100)  From China to the U.S. From China to Europe  1,200  3.0  Natural gas Oil (3) Wheat Metal index (4)  250  1,000  2.5  300  200  800  150  2.0 600 1.5  100  400  1.0  200  0.5  0 20  21  50 0 18  18 19 20 21 22  22  19  20  21  22  (1) Rate for transporting a 40-foot container on the respective routes. (2) For natural gas and wheat, one-month futures are used. (3) WTI-Brent average. (4) S&P GSCI Industrial Metals. Source: Bloomberg.
A key element for the convergence of inflation to the 3% target within two years is that the significant imbalances that accumulated in the economy in 2021 are further resolved. In the central scenario, in 2022 and 2023 the economy will grow below potential, with the activity gap narrowing gradually and remaining negative for some quarters. This will be compounded by a slow reduction in the international prices of fuel and foods from their current levels and a declining real exchange rate (RER), but still remaining above its averages of the last 15 to 20 years (figure 11). It is important to note that this projection does not consider changes in the structural parameters of the Chilean economy, which we are currently updating and will make available later in the year. The liquidity that remains from the stimulus measures adopted in 2021 will continue to sustain consumption in the immediate future. However, most fundamentals suggest that it would weaken in the second half of the year. In the labor market, job creation continues, but has slowed down compared to previous months and with lower real wages, in a context in which the unemployment rate remains below 8%. The financial conditions faced by households have tightened, because of both higher interest rates and stricter credit requirements. Accordingly, coinciding with the effects of inflation on households' purchasing power, consumer expectations have deteriorated sharply in recent months, with worsening perceptions of employment, inflation, and purchases of goods.