Uruguay Inflation January 2017


Uruguay: Inflation accelerates in January

February 3, 2017

In January, consumer prices grew 2.6% from the previous month, contrasting December’s 0.6% fall. January’s print marked the highest reading since September 2002 and overshot the 2.4% price increase expected in the Central Bank’s monthly survey. January’s result was mainly driven by higher prices for housing and alcoholic beverages and tobacco, according to the Statistical Institute.

Inflation in January came in at 8.3%, up from 8.1% in December, moving further above the Central Bank’s target range of 3.0%–7.0%. Annual average inflation in January inched down to a nine-month low of 9.5% from December’s 9.6%.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2017 at 8.8%, which is unchanged from last month’s projection. For 2018, panelists see inflation easing to 7.8%.

Author: Massimo Bassetti, Economist

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Uruguay Inflation Chart

Uruguay Inflation January 2017

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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