Chile's consumer price inflation slowed to the lowest level in seven months in April, data released by the National Institute of Statistics showed Tuesday.

The consumer price index increased 3.5 percent on an annual basis in April, slower than the 3.8 percent gain recorded in March. The latest growth was the smallest since September 2011, when prices advanced 3.3 percent. Economists were looking for an inflation rate of 3.7 percent for April.

Food and non-alcoholic beverages prices climbed 8.4 percent annually in April, while clothing and footwear prices decreased 5.1 percent. There was a 0.6 percent annual increase in housing costs and utility prices during the month, and a 4 percent gain in transportation costs.

On a monthly basis, consumer prices edged up 0.1 percent in April, following a 0.2 percent increase in the previous month. Economists expected the index to rise 0.2 percent month-on-month.

At the same time, consumer prices excluding fuel and food items increased 2.6 percent annually in April. Month-on-month, the index dropped 0.2 percent, contrary to economists' forecast for a 0.2 percent increase.

RTTNews