Uruguay Inflation May 2017

Uruguay

Uruguay: Inflation drops to over 11-year low in May

June 6, 2017

In May, consumer prices in Uruguay grew 0.1% from the previous month, down from April’s 0.2% rise. The result undershot expectations from the Central Bank’s survey of a 0.4% monthly increase and was mainly driven by higher prices for housing, clothing and footwear and restaurants and hotels more than offsetting lower prices for food and non-alcoholic beverages and recreation and culture, according to the Statistical Institute.

Inflation in May came in at 5.6%, down from 6.5% in April, marking the lowest result since December 2005 and staying within the Central Bank’s target range of 3.0%–7.0% for the third straight month. Annual average inflation in May edged down to an over four-year low of 8.1% from April’s 8.6%.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2017 at 8.8%, which is unchanged from last month’s projection. For 2018, panelists see inflation easing to 7.8%.


Author: Massimo Bassetti, Economist

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Uruguay Inflation May 2017

Note: Annual and monthly variation of consumer price index in %. Expectations of monthly variations of consumer price index in %.
Source: National Statistical Institute (INE) and Uruguay Central Bank (BCU).


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