Uruguay Inflation February 2017

Uruguay

Uruguay: Inflation moderates in February

March 3, 2017

In February, Uruguayan consumer prices grew 0.5% from the previous month, down from January’s 2.6% rise. The result undershot the 1.0% price increase expected in the Central Bank’s monthly survey and was mainly driven by higher prices for education and housing, according to the Statistical Institute. Conversely, prices for food and non-alcoholic beverages declined.

Inflation in February came in at 7.1%, down from 8.3% in January, moving closer to the upper bound of the Central Bank’s target range of 3.0%–7.0%. Annual average inflation in February inched down to a 10-month low of 9.3% from January’s 9.5%.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2017 at 8.8%, which is unchanged from last month’s projection. For 2018, panelists see inflation easing to 7.8%.


Author: Massimo Bassetti, Economist

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Uruguay Inflation February 2017

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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