Chile’s Boric Takes Aim at High Fuel Costs as Inflation Runs Hot

Chile President Gabriel Boric said his administration will act to tame surging fuel costs that have driven annual inflation to a 14-year high and pressured the central bank to hike interest rates.

Officials will inject $40 million into the country’s fuel stabilization fund to smooth out cost increases, Boric said during a televised press conference on Monday. The administration will also present bills to avoid sharp electricity hikes and to boost competition in the gas sector, he said.