Uruguay Inflation


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.

LatinFocus Consensus Forecast participants expect inflation to close 2015 at 8.6%, which is unchanged from last month’s projection. For 2016, panelists see inflation easing to 8.2%.

Author:, Economist

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Uruguay Inflation Chart

Uruguay Inflation March 2015 1

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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