reached 3. 7 % ( according to reference series ). the higher inﬂation of volatile items responds mainly to the increase in electricity prices. the relevance of this last factor can be seen in the evolution of core inﬂation, which has remained at ﬁgures of around 3. 5 % annually. all this in a context in which market inﬂation expectations remain anchored in the target in the policy horizon ( two year ) and the economy has largely closed it output gaps. however, one - year projections show a signiﬁcant increase ( figure 5 ). the reduction in the mpr has continued to be passed through to bank lending rates in line with the usual patterns, with declines in commercial and consumer credit interest rates, while mortgage rates have declined less in line with long - term rates that remain high by historical comparison. lending remains weak. in commercial loans, this result is coherent with the behavior of sectorial investment, which is dynamic for mining - which uses foreign direct investment more intensively to ﬁnance itself - - and weaker in the rest of the sectors that are more intensive in the use of bank credit. on the other hand, in a box included in the last monetary policy report, we analyze the evolution of non - ﬁnancial ﬁrm credit for chile and other developed and emerging countries. two observations stand out from the analysis of the data. first, in the ﬁrst stage of the pandemic period, counter cyclical policies generated a signiﬁcant expansion of credit worldwide. second, the weakness of credit in recent years has been a global phenomenon and the case of chile does not look particularly different from the rest of the world. the chilean ﬁnancial market has followed the movements of global markets, adjusting to the volatility of the external scenario, dominated by the outlook for the fed's next moves ( figure 6 ). thus, the projections for activity and demand continue to consider that the economy will grow around its trend over the next few years. for 2024, the range of gdp growth projections is reduced at its high end, to between 2. 25 % and 2. 75 %. this forecast is similar to the projections included in the june and march reports ( between 2. 25 - 3. 0 % in the ﬁrst and between 2 and 3 % in the second ), the latter revision being largely due to the second quarter results. for 2025 and 2026, growth projections remain in a range between 1

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