Uruguay Inflation October 2016

Uruguay

Uruguay: Inflation recedes to 17-month low in October

In October, consumer prices increased 0.2% from the previous month, down from September’s 0.3% rise. October’s print marked a ten-month low and undershot the 0.4% price increase expected in the Central Bank’s monthly survey. October’s result was mainly driven by higher prices in restaurants and hotels and for clothes and alcoholic beverages, which more than offset lower prices for transport and communications, according to the Statistical Institute.

Inflation moderated for a fifth consecutive month to a 17-month low of 8.5% in October (September: 8.9%). Inflation has been falling since hitting an over 12-year high in May and yet in October it still remained well above the Central Bank’s target range of 3.0%–7.0%. Annual average inflation in October matched September’s 9.9%.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2016 at 9.4%, which is down 0.3 percentage points from last month’s projection. For 2017, panelists see inflation easing to 9.1%, which is down 0.1 percentage points from last month’s forecast.


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Uruguay Inflation October 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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