Uruguay: Inflation inches up in December
January 5, 2015
In December, consumer prices declined 0.53% over the previous month, marking the lowest reading in one year. December’s print contrasted the 0.15% rise tallied in November and came in slightly below the 0.45% decline that the markets had expected. According to the Statistical Institute, December’s reading was mainly driven by lower prices for housing and heath. Conversely, food and non-alcoholic beverages as well as alcoholic beverages and tobacco registered higher prices compared to the previous month.
Annual inflation inched up from November’s 8.1% to 8.3% in December. Annual average inflation remained unchanged at November’s 8.9% in December. As a result, inflation is still well above the Central Bank’s target range of between 3.0% and 7.0%.
Author: Cecilia Simkievich, Economist