Uruguay Inflation April 2018

Uruguay

Uruguay: Inflation eases slightly in April

May 4, 2018

Consumer prices ticked up 0.1% month-on-month in April, below March’s 0.3% increase, and marking the lowest rise so far this year. The print came in below the Central Bank’s expectations of a 0.3% increase. According to data released by the Statistical Institute, the result was primarily driven by lower prices for food and non-alcoholic drinks, and recreation and culture nearly outweighing the increase in prices for other components of the index, most notably for clothing and footwear, restaurants and hotels, and miscellaneous goods and services.

Headline inflation continued the downward trend in April, easing slightly to 6.5%, down from the previous month’s 6.7% print. As a result, inflation stayed within the Central Bank’s target range of 3.0%–7.0% for the second consecutive month, after slipping just outside of the upper bound of the range briefly in February. Annual average inflation remained stable at 6.1% in April.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2018 at 7.3%, which is unchanged from last month’s projection. For 2019, panelists see inflation moderating to 6.8%.


Author:, Economist

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Uruguay Inflation April 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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