8  BIS central bankers’ speeches  Figure 2  CPI inflation (*)  CPIEFE inflation (*)  (annual change, percent)  (annual change, percent)  6  6  6  6  5  5  5  5  4  4  4  4  3  3  3  3  2  2  2  2  1  1  1  1  0  0  0 11 12 13 14 15 16 17 18  0 11 12 13 14 15 16 17 18 March'16 Report  June'16 Report (*) Gray area, as from second quarter of 2016, shows forecast. Sources: Central Bank of Chile and National Statistics Institute (INE). Figure 3 Real exchange rate (index, 1986=100)  120  120  110  RER  110  2001-2015 avg 1996-2015 avg  100  100  90  90  80  80  70  70 89  92  95  98  01  04  07  10  13  16  Source: Central Bank of Chile.
12  BIS central bankers’ speeches  Figure 8 MPR and expectations (percent)  6  6  5  5 MPR  EES  Financial asset prices in March 2016 Report (*)  4  FBS  4  3  Financial asset prices in June 2016 3 Report (*)  2  2 11  12  13  14  15  16  17  18  (*) Built using interest rates on swap contracts up to 10 years. Source: Central Bank of Chile. Figure 9 Two-year-ahead inflation's deviation from target (*)  Nominal MPR (percent)  (percentage points)  8  8  6  6  4  4  2  2 13  14 Peru  15  16 Colombia  1,2  1,2  1,0  1,0  0,8  0,8  0,6  0,6  0,4  0,4  0,2  0,2  0,0  0,0  -0,2  -0,2 15  Apr. Mexico  Jul. Oct.  16  Apr. Chile  (*) Difference between target inflation and inflation expected for 2017 (Peru), December 2017 (Mexico) and two years out (Chile and Colombia). Sources: Central banks of Chile and respective countries.