Day: June 8, 2020

IPC records a drop of 0.1%

The Consumer Price Index (CPI) for May recorded a drop of 0.1%, its first decline since December 2018. With this figure, inflation has increased by 1.3% so far in 2020 and has risen by 2.8% in 12 months. Despite the negative final balance, there was a number of products of fundamental necessity that registered increases during May, driven by the increase in demand due to the pandemic. In fact, according to the INE report, 6 of the 12 divisions that make up the CPI basket contributed negative effects on the monthly variation of the index while the rest presented positive effects.

Latam Airlines finalises another 1,000 layoffs in Chile, Peru and Colombia

Latam Airlines reported its decision to carry out 1,000 new layoffs amid the crisis affecting the company. In a statement, the airline said that the dismissals made today mainly affect subsidiaries in Peru, Colombia and Chile. The layoffs have mainly affected the company’s pilots and crew area. This figure is in addition to the 1,400 workers dismissed from subsidiaries in Chile, Peru, Colombia and Ecuador on May 15, as well as the additional 450 layoffs announced on May 22.

Experts project a drop of around 5% for Lithium

In the last decade, the lithium industry has grown strongly and for Chile, which has 48% of the world’s mineral reserves, this has been good news. However, the arrival of COVID-19 has changed that as the first quarter has seen a significant drop in both demand and production of lithium. Specifically, global lithium carbonate exports fell 8.5% in the first quarter, compared to the same period of last year. According to experts’ projections, the year could end with a drop in demand of around 5%.