Uruguay Inflation July 2016

Uruguay

Uruguay: Inflation recedes to six-month low in July

August 3, 2016

In July, consumer prices increased 0.4% over the previous month, matching June’s reading. July’s print undershot expectations of a 0.82% price increase recorded in the Central Bank’s monthly survey. According to the Statistical Institute, July’s result was mainly driven by higher prices for food and non-alcoholic beverages as well as restaurants and hotels.

Inflation has been moderating for a second consecutive month to a reading of 10.1% in July (June: 10.9%), after hitting a 12-year high in May. July’s print marks the lowest level in six months. Nevertheless, inflation remained well above the Central Bank’s target range of 3.0%–7.0%. Annual average inflation inched up from 9.9% in June to 10.0% in July, marking the highest reading in 12 years.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2016 at 10.0%, which is unchanged from last month’s projection. For 2017, panelists see inflation easing to 9.3%.


Author: Teresa Kersting, Economist

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Uruguay Inflation July 2016 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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