12 ( f ) forecasts. ( * ) red diamonds correspond to the projections of the june 2024 monetary policy report. source : central bank of chile. figure 8 total cpi projections ( * ) core cpi projections ( * ) ( annual change, percent ) ( annual change, percent ) projections 3q24 to 3q26 projections 3q24 to 3q26 core cpi jun. 24 ipom sep. 24 ipom total cpi jun. 24 ipom sep. 24 ipom ( * ) series consider the 2023 cpi reference basket and the splice made by the central bank of chile. sources : central bank of chile and national statistics institute. figure 9 mpr corridor ( * ) ( quarterly average, percent ) 26. iii 26. ii 26. i 25. iv 25. iii mpr sep. 24 25. ii 25. i 24. iv mpr 24. iii 24. ii 24. i 23. iv forward 23. iii 23. ii 23. i eee 22. iv 22. iii 22. ii 22. i eof 21. iv 21. iii 21. ii corridor 21. i ( * ) the 2025 and 2026 calendar considers two mp meetings per quarter. the corridor is built by following the methodology described in boxes v. 1 of march 2020 report and v. 3 of march 2022 report. it includes the august economic expectations survey ( eee ) and september pre - mp meeting financial traders survey ( eof ) and the quarterly average smoothed forward curve as of august 28. this is calculated by extracting the implicit mpr considering the forward curve over the overnight index swap ( ois ) curve for up to 2 years, discounting the fixed rates of each maturity at the simple accrual of the ois index. for the current quarter, the surveys and the forward curve consider the average of daily actual data and are completed with respective sources. quarterly average considers working days in each quarter. gray diamond corresponds to the mp decision of september 2024. source : central bank of chile.

5 %. at this point, having taken a look behind what we have faced in recent periods, our monetary policy report ( ipom ) for the third quarter, published last wednesday, shows us that there are still challenges ahead. i will address the main aspects analyzed in this ipom, but i will say now that there is something different from what we have seen for most of the last few years. today the imbalances have closed, inﬂation has approached 3 %, and two - year expectations are well anchored to the target. this puts us in a better position to face shocks with a more traditional monetary policy framework, where it is possible to absorb the shocks facing the economy within the policy horizon and with interest rate responses that entail a lower associated cost for economic activity. the monetary policy report : challenges of the current scenario firstly, the evolution of activity during the year has ﬂuctuated, responding mostly to one - off and transitory factors. thus, we saw high dynamism in the ﬁrst quarter and a moderation in the second quarter, which was greater than expected. the data for the beginning of the third quarter continued this trend ( figure 2 ). on the demand side, data for the second quarter also showed a slower - than - expected performance, particularly for private consumption. this behavior occurred in a context in which, in recent times, several of its fundamentals have evolved in line with expectations ( figure 3 ). beyond the quarter - to - quarter volatility, taking mid - 2023 as a reference point, consumption has begun to recover in line with the recovery of the labor market and the decline in interest rates. gross ﬁxed capital formation ( gfcf ) stabilized after a sharp drop in the second half of last year. preliminary information based on micro data reveals important differences across sectors. while weakness is observed in the vast majority of them, the dynamism of investment in mining contrasts ( figure 4 ). regarding inﬂation, as i mentioned a few minutes ago, it fell rapidly from its peak of 14 % in august 2022 to 3. 2 % in march of this year. since then, we have seen an increase in the annual variation of the cpi, due to the impact of higher transportation costs globally, the depreciation of the peso during the year and, especially more recently, the rise in electricity rates. total annual inﬂation rose to 4. 6 % in august, while core inﬂation