Uruguay Inflation

Uruguay

Uruguay: Inflation reaches nine-month high in May

June 11, 2015

In May, consumer prices rose 0.49% over the previous month, which came in below the 0.57% rise tallied in the previous April and marked a five-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, May’s increase mainly resulted from higher prices for transport.

Inflation rose from 8.2% in April to 8.4% in May and now stands at its highest level since August 2014. Annual average inflation in May was stable at April’s 8.3%. Although it is still above the Central Bank’s target range, inflation is now hovering a bit closer to the upper bound of the 3.0%–7.0% band.

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 7.6%.


Author: Teresa Kersting, Economist

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Uruguay Inflation May 2015 0

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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