Uruguay: Inflation quickens in August

In August, consumer prices increased 1.04% over the previous month, marking the largest monthly increase in seven months. This figure is above both the 0.77% rise seen in July and market expectations of a 0.85% increase. The reading was largely driven by higher prices for food and non-alcoholic beverages as well as for health care.

Meanwhile, annual inflation inched up from 8.8% in July to 8.9% in August and remains well above the Central Bank's target range of 4.0%-6.0%.

LatinFocus Consensus Forecast participants expect inflation to moderate to 8.0% by the end of the year, which is up 0.1 percentage points from last month's projection. For 2014, panellists expect inflation to fall to 7.2% by year-end.