Uruguay Inflation

Uruguay

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%.

LatinFocus Consensus Forecast participants expect inflation to close 2015 at 8.6%, which is unchanged from last month’s projection. For 2016, panelists see inflation easing to 8.2%.


Author:, Economist

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Uruguay Inflation December 2014 3

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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