Uruguay: Annual inflation inches up in March
April 2, 2015
In March, consumer prices rose 0.7% over the previous month, which came in below the 1.1% rise tallied in February, but overshot market expectations of a 0.6% rise. Monthly inflation has been falling quickly since January’s abnormally-high result, which was due to the adjustment in water and electricity tariffs that took place in the first month of the year. According to the Statistical Institute, March’s increase mainly resulted from higher prices for household equipment, education, transport and food and non-alcoholic beverages.
Annual inflation inched up from 7.4% in February to 7.6% in March. February’s reading had marked the lowest print in more than four years. Annual average inflation ticked down from 8.6% in February to 8.4% in March. Although it is still above the Central Bank’s target range, inflation is hovering closer to the upper-bound of the 3.0%–7.0% band.
Author: Cecilia Simkievich, Economist