Uruguay Inflation June 2017

Uruguay

Uruguay: Inflation drops further in June to over 11-year low

July 5, 2017

In June, consumer prices grew 0.2% from the previous month, up from May’s 0.1% rise. The result undershot the Central Bank’s expectations, which envisaged a 0.5% monthly increase according to the latest survey. According to the National Statistics Institute, the rise was driven by higher prices for housing, health, and goods and services, which more than offset lower prices for food and non-alcoholic beverages, and clothing and footwear.

Inflation in June came in at 5.3%, down from 5.6% in May, marking the lowest result since December 2005. Nevertheless, it remains within the Central Bank’s target range of 3.0-7.0%. Annual average inflation fell from May’s 8.1% to 7.7% in June–the lowest result in over four 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:, Economist

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Uruguay Inflation June 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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