Uruguay Inflation May 2020

Uruguay

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.

Panelists participating in this month’s LatinFocus Consensus Forecast project inflation to end 2020 at 9.0%, which is down 0.4 percentage points, and 2021 at 7.3%.


Author: Massimo Bassetti, Economist

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Uruguay Inflation May 20 20 1

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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