Uruguay Inflation June 2020

Uruguay

Uruguay: Inflation recedes in June

July 6, 2020

Consumer prices were unchanged from a month earlier in June, following the 0.6% increase recorded in May. A breakdown of the sub-components provided by the Statistical Institute showed that 6 out of the 12 sub-components saw an increase in prices, led by higher prices for recreation and culture and for clothing and footwear. On the other hand, prices for food and non-alcoholic beverages declined.

Meanwhile, inflation dropped from an over 17-year high of 11.1% in May to 10.4% in June. That said, inflation remained well above the upper bound of the Central Bank’s 3.0%–7.0% target range. Lastly, annual average inflation rose from 8.7% in May to 8.9% in June, the highest reading in over three years.

Panelists participating in this month’s LatinFocus Consensus Forecast project inflation to end 2020 at 9.0%, which is down 0.4 percentage points, and 2021 at 7.3%.


Author: Massimo Bassetti, Senior Economist

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Uruguay Inflation June 20 20

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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