Uruguay Inflation April 2016

Uruguay

Uruguay: Inflation remains elevated in April

May 4, 2016

In April, consumer prices increased 0.5% over the previous month, which was down from the 1.0% increase tallied in March. According to the Statistical Institute, April’s rise was mainly driven by higher prices for food and non-alcoholic beverages, as well as for clothing and footwear.

After hitting an over-12-year high of 10.6% in March, inflation receded marginally in April, slowing to 10.5%. Nevertheless, inflation rested at a high level and well above the Central Bank’s target range of 3.0%–7.0%. Annual average inflation edged up from 9.3% in March to 9.5% in April, which marked the highest reading in more than 11 years.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2016 at 9.9%, which is up 0.1 percentage points from last month’s projection. For 2017, panelists see inflation easing to 8.9%.


Author: Teresa Kersting, Economist

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Uruguay Inflation April 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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