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Uruguay Inflation December 2023

Uruguay: Inflation hits four-month high in December

Inflation edged up to 5.1% in December from November’s 5.0%, marking the highest rate since June. Looking at the details of the release, the increase was largely driven by prices for food and non-alcoholic beverages, and housing rising at a stronger pace. In addition, price pressures for clothing and footwear dropped at a more moderate rate.

That said, the trend pointed down mildly, with annual average inflation coming in at 5.9% in December (November: 8.1%).

Finally, consumer prices decreased 0.11% over the previous month in December, down from November’s 0.34% rise.

Given December’s mild increase in price pressures, it is likely that the Central Bank will continue its easing cycle at the next scheduled meeting on 22 February.

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