Uruguay Inflation March 2016

Uruguay

Uruguay: Inflation hits over-12-year high in March

April 5, 2016

In March, consumer prices increased 1.0% over the previous month, which was down from the 1.6% increase tallied in February. According to the Statistical Institute, Mach’s rise was mainly driven by higher prices for food and non-alcoholic beverages, transport and home appliances along with moderate increases in almost all remaining categories of the inflation index.

Inflation hit an over-12-year high in March, coming in at 10.6% (February: 10.2%). As a result, inflation moved further above the Central Bank’s target range of 3.0%–7.0%. Annual average inflation edged up from 9.0% in February to 9.3% in March, which marked the highest reading in over 11 years.

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 8.4%.


Author: Teresa Kersting, Economist

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Uruguay Inflation March 2016

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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