Uruguay Inflation January 2016

Uruguay

Uruguay: Inflation edges higher in January

February 5, 2016

In January, consumer prices increased a staggering 2.5% over the previous month, which contrasted the 0.6% decline tallied in December, and marked the highest figure since September 2002. According to the Statistical Institute, January’s increase mainly resulted from higher prices in the housing component of the index, which takes into account lower prices of electricity.

Inflation ticked up from 9.4% in December to 9.7% in January. As a result, inflation remained well above the Central Bank’s target range of 3.0%–7.0%. Annual average inflation inched up from 8.7% in December to 8.8% in January, which marked the highest reading in 13 months.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2016 at 9.1%, which is up 0.1 percentage points from last month’s projection. For 2017, panelists see inflation easing to 8.6%.


Author:, Economist

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Uruguay Inflation January 2016 0

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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