Uruguay Inflation February 2018

Uruguay

Uruguay: Inflation increases to above the Central Bank's target range in February

March 5, 2018

Consumer prices increased 0.9% from the previous month in February, a notable deceleration from the 2.7% jump observed in January. The print came in just above the Central Bank’s expectation of a more modest 0.8% increase. According to the data released by the Statistical Institute, the increase was primarily driven by higher prices for food and non-alcoholic beverages, housing and education.

In February, inflation continued to trend upward, rising for the seventh consecutive month. It came in at 7.1%, the highest reading in the last 12 months (January: 6.7%). As a result, inflation surpassed the upper limit of the Central Bank’s inflation target of 3.0%–7.0%. Meanwhile, annual average inflation remained stable at 6.1% in February, following eighteen consecutive months of decline.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2018 at 7.3% which is up 0.2 percentage points from last month’s projection. For 2019, panelists see inflation moderating to 6.8%.


Author:, Economist

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Uruguay Inflation January 2018 0

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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