Uruguay Inflation November 2016


Uruguay: Inflation recedes to 20-month low in November

December 6, 2016

In November, consumer prices in Uruguay increased 0.1% from the previous month, down from October’s 0.2% rise. November’s print marked an 11-month low and undershot the 0.4% price increase expected in the Central Bank’s monthly survey. November’s result was mainly driven by higher prices for transport as well as for clothing and footwear, which more than offset lower prices food and non-alcoholic beverages, according to the Statistical Institute.

Inflation moderated for a sixth consecutive month to a 20-month low of 8.1% in November (October: 8.5%). Inflation has been falling since hitting an over 12-year high in May and yet in November it still remained well above the Central Bank’s target range of 3.0%–7.0%. Annual average inflation in November inched down to 9.8% from October’s 9.9%.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2016 at 9.4%, which is down 0.3 percentage points from last month’s projection. For 2017, panelists see inflation easing to 9.1%, which is down 0.1 percentage points from last month’s forecast.

Author: Massimo Bassetti, Economist

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Uruguay Inflation Chart

Uruguay Inflation November 2016

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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