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%.