SANTIAGO, June 2 (Reuters) - Higher-than-expected inflation in recent months merited "a certain degree of caution" when setting the benchmark interest rate, the central bank board said in the minutes of its May monetary policy meeting, when it held the rate at 4.0 percent.
The minutes showed the bank also weighed a 25 basis point rate cut as an option, but not a rise, as it balanced slowing growth in Chile and key copper buyer China in its decision.
The decision to hold the rate was unanimous, according to the minutes.
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Reporting by Rosalba O'Brien Editing by W Simon