Uruguay Inflation October 2017

Uruguay

Uruguay: Inflation inches up in October

November 3, 2017

In October, consumer prices grew 0.5% from the previous month, matching September’s month-on-month rise. However, October’s print came in slightly above the Central Bank’s expectations. According to the Statistical Institute, the increase was driven by higher prices for food and non-alcoholic beverages, clothing and footwear, and transport.

Inflation rose for the third consecutive month, inching up from the previous month’s 5.8% to 6.0% in October, the highest reading in six months. Inflation moved closer to the upper limit of the Central Bank’s target of 3.0%–7.0%. Annual average inflation, however, was steady at the prior month’s reading of 6.7% in October.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2018 at 6.4%, which is unchanged from last month’s projection. For 2019, panelists see inflation increasing to 7.0%.


Author:, Economist

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Uruguay Inflation October 2017

Note: Annual and monthly variation of consumer price index in %. Expectations of monthly variations of consumer price index in %.
Source: National Statistics Institute (INE) and Uruguay Central Bank (BCU).


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