Uruguay Inflation October 2018

Uruguay

Uruguay: Inflation dips in October

November 5, 2018

Consumer prices increased 0.2% from a month earlier in October, a few notches slower than September’s 0.5% month-on-month rise. According to data released by the Statistical Institute, October’s reading was driven by a jump in clothing and footwear prices, as well as higher household costs. Food prices, on the other hand, fell considerably from September.

Inflation fell to 8.0% from 8.3% in September, still outside the Central Bank’s 3.0%–7.0% target. Pass-through pressures from the weak peso have contributed to the elevated inflation readings in recent months.

Meanwhile, annual average inflation rose to 7.4% from 7.2% in September, reaching a 16-month high.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to end 2019 at 7.7%, which is unchanged from last month’s projection. For end-2020, panelists see inflation moderating to 6.9%.


Author:, Economist

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Uruguay Inflation October 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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