Uruguay Inflation May 2021

Uruguay

Uruguay: Inflation falls to over three-year low in May

June 3, 2021

Consumer prices rose 0.46% from the previous month in May, slowing down from the 0.50% rise recorded in April. May's result marked the softest rise in prices since December 2020. Looking at the details of the release, prices for food and non-alcoholic beverages as well as for housing grew at a stronger pace in May. However, prices for transportation grew at a more subdued pace.

Inflation edged down to 6.6% in May, moderately below April’s 6.8%. May's result marked the weakest inflation rate since April 2018. In addition, the trend pointed down, with annual average inflation coming in at 9.0% in May (April: 9.4%).

Panelists participating in this month’s LatinFocus Consensus Forecast project inflation to end 2021 at 7.2%, which is unchanged from last month’s forecast, and 2022 at 6.7%.


Author:, Economist

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Uruguay Inflation May 2021

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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