Uruguay Inflation

Uruguay

Uruguay: Inflation inches up to ten-month high in June

July 3, 2015

In June, consumer prices rose 0.45% over the previous month, which came in slightly below the 0.49% rise tallied in May and marked a six-month low. The monthly increases in consumer prices softened steadily since January’s irregularly-high result, which was due to the adjustment in water and electricity tariffs that took place in the first month of the year. According to the Statistical Institute, June’s increase mainly resulted from higher prices for housing as well as alcoholic beverages and tobacco.

Inflation rose from 8.4% in May to 8.5% in June and now stands at its highest level since August 2014. Annual average inflation inched down from 8.3% in May to 8.2% in June. As a result, inflation remains above the Central Bank’s target range 3.0%–7.0%.

LatinFocus Consensus Forecast participants expect inflation to close 2015 at 8.1%, which is unchanged from last month’s projection. For 2016, panelists see inflation easing to 7.7%.


Author: Teresa Kersting, Economist

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Uruguay Inflation June 2015

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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