Uruguay Inflation January 2020

Uruguay

Uruguay: Inflation moderates in February

February 6, 2020

Consumer prices rose 0.6% from a month earlier in February, following a 2.1% jump in the first month of this year. A breakdown of the sub-components provided by the Statistical Institute showed that 9 of the 12 sub-components saw an increase in prices, led by surging prices for alcohol and tobacco, one category saw no change while prices for the remaining two categories dipped marginally.

Meanwhile, inflation declined to 8.3% in February, from 8.7% in January. Nevertheless, inflation remained entrenched well above the upper bound of the Central Bank’s 3.0%–7.0% target range. Lastly, annual average inflation rose from 8.0% in January to 8.1% in February, the highest reading in close to three years.

FocusEconomics panelists expect inflation to close 2020 at 7.6%, which is up 0.2 percentage points from last month’s projection. For 2021, panelists see inflation moderating and ending the year at 6.8%.


Author: Massimo Bassetti, Senior Economist

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Uruguay Inflation January 20 20 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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