Consumer Price Deflation Registers in South America

Japan remains mired in a deflationary trend that started in the early 1990s. In recent years, the epicenter of economic contraction has been Europe. And since the 2007-09 financial crisis, economic weakness persists in the United States.

Now, the National Institute of Statistics in Chile reports a November drop in consumer prices

A Santiago Times article describes the decrease as "surprising."

Here's an excerpt:

Chile registered a surprising 0.5 percent deflation in consumer prices during November, the country's National Institute of Statistics (INE) said. After November's decrease, inflation for the calendar year now stands at 1.6 percent while the figure for the past 12 months is at 2.1 percent.

The government projects that the Chilean economy will grow 5.5 percent in 2012.