Uruguay Inflation August 2016


Uruguay: Inflation recedes to ten-month low in August

September 5, 2016

In August, consumer prices increased 0.6% over the previous month, up from July’s 0.4% rise. August’s print marked a three-month high and overshot the 0.4% price increase expected in the Central Bank’s monthly survey. August’s result was mainly driven by higher prices for food and non-alcoholic beverages as well as for healthcare, according to the Statistical Institute.

Inflation moderated for a third consecutive month to a 10-month low of 9.4% in August (July: 10.1%), after hitting a 12-year high in May. Nevertheless, inflation remained well above the Central Bank’s target range of 3.0%–7.0%. Annual average inflation in August was stable at July’s 10.0%, the highest reading in 12 years.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2016 at 9.9%, which is unchanged from last month’s projection. For 2017, panelists see inflation easing to 9.3%.

Author: Massimo Bassetti, Economist

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Uruguay Inflation Chart

Uruguay Inflation August 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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