Uruguay Inflation May 2016


Inflation hits over 12-year high in May

In May, consumer prices increased 1.0% over the previous month, exceeding the 0.5% increase tallied in April. Moreover, May’s print overshot expectations of a 0.5% rise recorded by the Central Bank’s monthly survey. According to the Statistical Institute, May’s rise was mainly driven by higher prices for food and non-alcoholic beverages.

Inflation hit an over 12-year high of 11.0% in May, which followed April’s 10.5% reading. As a result, inflation moved further above the Central Bank’s target range of 3.0%–7.0%. Annual average inflation edged up from 9.5% in April to 9.7% in May, marking the highest reading in more than 11 years.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2016 at 9.9%, which is up 0.1 percentage points from last month’s projection. For 2017, panelists see inflation easing to 8.9%.

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Uruguay Inflation Chart

Uruguay Inflation May 2016

Note: Annual and monthly variation of consumer price index in %. Expectations of monthly variations of consumer price index in %.
Source: National Statistical Institute (INE) and Uruguay Central Bank (BCU).

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