Uruguay Inflation April 2020

Uruguay

Uruguay: Inflation at almost four-year high in April

May 6, 2020

Consumer prices jumped 2.0% from a month earlier in April, accelerating further from the 1.3% increase recorded in March. A breakdown of the sub-components provided by the Statistical Institute showed that all of the 10 out of the 12 sub-components saw an increase in prices, led by surging prices for food and non-alcoholic beverages, and a sizable increase in prices for housing. On the other hand, prices for education and recreation and culture declined.

Meanwhile, inflation climbed from 9.2% in March to 10.9% in April, logging the highest reading since June 2016. Therefore, inflation rose further above the upper bound of the Central Bank’s 3.0%–7.0% target range. Lastly, annual average inflation rose from 8.2% in March to 8.4% in April, the highest reading in three years.

Panelists participating in this month’s LatinFocus Consensus Forecast project inflation to end 2020 at 9.4%, which is up 1.5 percentage points, and 2021 at 7.6%.


Author: Massimo Bassetti, Economist

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Uruguay Inflation April 20 20

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


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