Uruguay Inflation July 2018

Uruguay

Uruguay: Inflation climbs in July on rising fuel costs

August 3, 2018

Consumer prices rose 0.6% from the previous month in July, easing from June’s 1.0% increase. According to data released by the Statistical Institute, the reading was driven by higher food and transport costs.

Headline inflation picked up to 8.4% in July, coming in at a 21-month high (June: 8.1%) and climbing further away from the Central Bank’s target range of 3.0%–7.0%. Higher energy costs hit consumers in the month as the state-owned oil company, Ancap, hiked fuel prices. Moreover, a weaker peso contributed to the acceleration.

Meanwhile, annual average inflation rose to 6.7% from 6.5% in June, reaching an 11-month high.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2018 at 7.4%, which is up 0.2 percentage points from last month’s projection. For 2019, panelists see inflation moderating marginally and ending the year at 7.2%.


Author:, Economist

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Uruguay Inflation July 2018

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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