Uruguay: Inflation hits over 12-year high in May
June 3, 2016
In May, consumer prices increased 1.0% over the previous month, exceeding the 0.5% increase tallied in April. Moreover, May’s print overshot expectations of a 0.5% rise recorded by the Central Bank’s monthly survey. According to the Statistical Institute, May’s rise was mainly driven by higher prices for food and non-alcoholic beverages.
Inflation hit an over 12-year high of 11.0% in May, which followed April’s 10.5% reading. As a result, inflation moved further above the Central Bank’s target range of 3.0%–7.0%. Annual average inflation edged up from 9.5% in April to 9.7% in May, marking the highest reading in more than 11 years.