Uruguay Inflation July 2017

Uruguay

Uruguay: Inflation continues its descent in July

August 4, 2017

In July, consumer prices grew 0.3% from the previous month, marginally up from June’s 0.2% rise. The result undershot the Central Bank’s expectations of a 0.6% monthly increase according to the latest survey. According to the National Statistics Institute, the rise was driven by higher prices for food and non-alcoholic beverages, healthcare and restaurants and hotels, which more than offset lower prices for clothing and footwear and transport.

Inflation in July dropped for the sixth consecutive month and came in at 5.2%, down from 5.3% in June, marking the lowest result since December 2005. Therefore inflation moved further away from the peak reached in the first half of 2016 and remained within the Central Bank’s target range of 3.0-7.0%. Annual average inflation fell from June’s 7.7% to 7.3% in July–the lowest result in over six years.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2017 at 7.2%, which is down 0.2 percentage points from last month’s projection. For 2018, panelists see inflation easing to 7.5%.


Author: Massimo Bassetti, Economist

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Uruguay Inflation July 2017

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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