Uruguay: Inflation at over 17-year high in May
June 5, 2020
Consumer prices increased 0.6% from a month earlier in May, decelerating from the 2.0% jump recorded in April. A breakdown of the sub-components provided by the Statistical Institute showed that 9 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 clothing and footwear. On the other hand, prices for education declined.
Meanwhile, inflation climbed from 10.9% in April to 11.1% in May, logging the highest reading since October 2003. 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 8.4% in April to 8.7% in May, the highest reading in over three years.