IMO higher prices are here to stay. Chile recently ended mandatory quarantine and people have seen the process for getting into the country is relatively smooth. More tourist confidence = more bookings = more expensive awards.

Award inventory has been wide open for months, so it’s a bit unfortunate OP waited until now and missed the boat. Given everything’s refundable these days, fortune favors the speculators…Book immediately when you see a deal, and cancel later if it doesn’t work.