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Uruguay Inflation September 2023

Uruguay: Inflation falls to lowest level since August 2005 in September

Inflation came in at 3.9% in September, down from August’s 4.1%. September’s result marked the weakest inflation rate since August 2005, and was within the Central Bank’s 3.0–6.0% target range. Looking at the details of the release, prices for food and non-alcoholic beverages grew at a softer rate in September, while prices for clothing and footwear declined at a sharper pace.

Inflation in Uruguay has come down sharply since the change in the Central Bank’s monetary framework from 2020, which saw the Bank switch to using interest rates as the main policy tool to meet the inflation target.

In addition, the trend pointed down, with annual average inflation coming in at 6.8% in September (August: 7.3%).

Finally, consumer prices increased 0.61% in September over the previous month, accelerating from August’s 0.17% rise. September’s result was the highest reading since April.

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