of us doing our bit. it is up to us, as the central bank, to contribute by achieving price stability. this helps to reduce an additional source of uncertainty and thus provides better conditions for everyone's capabilities to flourish. on stability and growth we can build and address the major challenges ahead. thank you. figure 1 inflation ( 1 ) core inflation ( 1 ) ( annual change, percent ) ( annual change, percent ) headline cpi core cpi volatiles cpi goods services - 2 ( 1 ) dotted vertical lines show statistical close of march 2022 report. ( 2 ) for details on the different groupings and their share in headline cpi basket, see box iv. 1 in december 2019 mp report, carlomagno and sansone ( 2019 ), and economic glossary. sources : central bank of chile and national statistics institute ( ine ). figure 2 cumulative inflationary surprises in mpr reports ( percentage points ) core goods excl. foods other volatiles total foods ( * ) core services volatile energy total surprise 1, 6 1, 2 0, 8 0, 4 - 0, 4 jun. 21 sep. 21 dec. 21 mar. 22 ( * ) sum of volatile and non - volatile foods. sources : central bank of chile and national statistics institute. jun. 22 figure 3 inflation expectations ( annual change, percent ) surveys to analysts ( 1 ) surveys to firms fts two years out ees two years out fts one year out ees one year out pdes two years out pdes one year out imce one year out ( 1 ) response medians are shown. ( 2 ) fts considers the survey for the first two weeks of each month through january 2018. from february 2018 onwards, it considers the last survey published in the month, including the one prior to the june 2022 meeting. in months in which the survey is not published, the latest available survey is considered. ( 3 ) average of trade and manufacturing medians. ( 4 ) price determinants and expectations survey carried out on companies by the central bank of chile. sources : uai / icare and central bank of chile. figure 4 activity and demand indicators ( index, third quarter 2019 = 100 ; seasonally - adjusted series ) domestic demand gdp non - mining gdp private consumption durable goods non - durable goods services gfcf construction & works m & e 15 16 17 18 19 20 21 22 15 16 17 18 19 20 21 22 source : central bank of chile. 15

with our commitment with ngfs. these tools will be used mainly to assess the implications of environmental degradation and the green transition on long - run potential growth. another challenge is safeguarding the long - term stability and resilience of the financial system through two main lines of action : 1 ) incorporating climate risks into financial stability assessments to identify and address vulnerabilities in the financial system ; 2 ) enhancing risk management and supervision practices to take into account climate 2 / 5 bis - central bankers'speeches risks. the impact of climate change on the economy exacerbates traditional financial risks. plus, our functions include the production of key macroeconomic statistics. a comprehensive analysis of the impact of climate change and ecosystem degradation requires consistent, comparable and quality statistics to close data gaps and include nature in the decision - making process of the different actors. we plan to contribute by producing information and analysis for climate risk assessments that complement the efforts of, and are an input to, the financial regulator and can serve as a guide to other financial institutions and businesses. a first step in this line was the exposure analysis to physical and transition risks of climate change published in the financial stability report during the first half of 2022. we also are working on developing methodologies for measuring chile's natural capital, in line with the framework derived from the united nations'system of economic and environmental accounting. natural capital can be systematically measured and monitored based on its contribution to production and societal well - being. additionally, we are working on other climate - related topics, such as the estimation of the carbon footprint of economic activity by using the input - output model, and we are studying the factors influencing its evolution. besides these initiatives, we have related activities. internationally, as an active member of the ngfs, we are co - chairing the macro modeling group within the workstream of monetary policy, and part of the taskforce for nature - related risks and the research network. we are also chairing a research network including many countries in the americas on the macroeconomic consequences of environmental change with the support of the bis. at home, we are supporting some governmental instances to work on these issues as external advisors. for example, since 2019 we have been part as an advisor to the green finance roundtable and the preliminary - committee in green taxonomy, created by the ministry of finance. additionally, we are also a member as an external advisor to the natural capital committee formed by the ministry of environment, the ministry of finance, the